Egyptian fintech founder Ashraf Sabry has seen the market value of his stake in Fawry for Banking Technology and Electronic Payments (Fawry) slump by more than $1.5 million since the start of the year due to the impact of the devaluation of the Egyptian currency.
Data gathered by Billionaires.Africa revealed that the lasting devaluation of the Egyptian pound had extracted a staggering toll of $1.52 million on Sabry’s stake in Fawry as he joined the list of investors on the Egyptian Stock Exchange that grappled with substantial wealth losses since the start of the year.
Fawry, one of Africa’s leading fintech companies, proudly lists esteemed shareholders, including prestigious institutions such as the National Bank of Egypt, Banque Misr, Alpha Oryx Limited UAE, Egyptian American Enterprise Fund, and Link Holdco
The fintech firm operates an electronic bill payment network that enables the Egyptian public to conveniently and securely pay their bills and top up their mobile phones through the various electronic channels available at banks and a network of retailers.
Sabry, a leading Egyptian entrepreneur who launched the payment platform in 2008 and pioneered electronic bill payments in Egypt, controls 2.345 percent of the company, or 40,036,282 shares.
Despite Fawry shares climbing from EGP5.36 ($0.1735) on Jan. 1 to EGP5.51 ($0.1618) on Sept. 7, shareholders, including Sabry, suffered losses due to the lasting impact of the 17.6 percent devaluation of the Egyptian pound.
Due to a double-digit percent devaluation of the Egyptian currency, Sabry’s stake in Fawry has fallen by EGP6.00 million ($1.52 million) from the year’s beginning of EGP214.59 million (6.95 million) to the current value of EGP220.60 million ($7.14 million) at the time of writing.
While the evolving market dynamics continue to pose intricate challenges, business leaders like Ashraf Sabry, a pivotal force among Egyptian multimillionaires, endure, reflecting the resilience ingrained in the Egyptian business community.
Under his leadership, Fawry has grown into a powerhouse African tech firm with millions of monthly users. Its technology provides over 250 e-payment services through a network of over 105,000 service points in 300 Egyptian towns.
