Fawry, an African fintech firm led by Egyptian tycoon Ashraf Sabry, has entered into a strategic partnership with POS Mission, a dynamic player in electronic payment solutions — this venture aims to introduce a comprehensive 360-degree solution tailored for electronic restaurant management, propelling the digital transformation of the hospitality sector in Egypt.
Under the agreement, Fawry and POS Mission will integrate their cutting-edge solutions to elevate the operational efficiency of restaurants and cafés. Fawry’s state-of-the-art point-of-sale (POS) machines will be deployed, empowering entrepreneurs to better assist café and restaurant owners in managing their operations effectively.
Transformative collaboration: Fawry and POS Mission elevate Egypt’s hospitality sector
Mohamed Kamel, head of acceptance and business development for Fawry, highlighted the pivotal role of these technologies in the digitization and advancement of the restaurant and café sector. “Our collaboration is perfectly aligned with the national strategy for digital transformation and Egypt’s Vision 2030,” he noted.
Ihsan Al Hamoud, the co-founder and CEO of POS Mission, expressed optimism about leveraging Fawry’s extensive experience and unique resources in the Egyptian market. “This partnership will not only improve the efficiency of the restaurant sector but will also enhance customer experience, reduce transaction costs, and provide a better overall experience to customers,” he affirmed.
Fawry’s decade-long journey: From inception in 2008 to unprecedented profit milestone of $17.9M in 9M 2023
Fawry, a key player in Africa’s fintech landscape, has garnered esteemed shareholders, including the National Bank of Egypt, Banque Misr, Alpha Oryx Limited UAE, Egyptian American Enterprise Fund, and Link Holdco.
Founded in 2008 by Sabry — its CEO — Fawry has become a leading Egyptian e-bill payment platform. It allows for secure and convenient bill payments and mobile top-ups through various channels, including banks and a network of retailers.
Fawry’s profit after tax skyrocketed 188 percent, surging from EGP192.9 million ($6.2 million) in the first nine months of 2022 to EGP556.2 million ($17.9 million) in the same period of 2023, cementing its place as one of Egypt’s most profitable companies.