Egyptian tycoon Ashraf Sabry’s Fawry and LA Market join forces to boost local businesses

Fawry for Banking Technology and Electronic Payments (Fawry), spearheaded by Egyptian tycoon Ashraf Sabry, has sealed a crucial cooperation agreement with LA Market, a distinguished exhibition and conference management company. The strategic alliance aims to fortify local brands and catalyze economic growth within Egypt.

Fawry’s commitment to leveraging its position as Africa’s leading fintech company is evident in this collaboration, as it seeks to empower local businesses and propel digital transformation in the Egyptian market. The partnership is also designed to provide support to women empowerment initiatives, contributing to the enrichment of the local business landscape.

Heba El-Awady, Fawry’s Chief Business Officer, emphasized the importance of aligning international standards with the dynamic needs of local markets. El-Awady stated, “The agreement catalyzes local economic vitality, fostering an environment where businesses flourish, thus propelling economic growth within the community.”

The partnership aims to make a worldwide impact, with a keen eye on meeting the unique requirements of the Egyptian market. This initiative aligns with Fawry’s ongoing efforts to broaden its presence and services in Egypt. Notably, Fawry has recently joined forces with POS Mission to revolutionize electronic restaurant management, contributing to the digital transformation of the hospitality sector.

Fawry, with esteemed shareholders including the National Bank of Egypt and Banque Misr, has positioned itself as a key player in Africa’s fintech landscape.

Under the leadership of Ashraf Sabry, who holds a significant stake in the company and serves as its CEO, Fawry reported a remarkable profit of EGP556.2 million ($17.98 million) during the first nine months of the 2023 fiscal year – a substantial increase from the previous year.

With Fawry’s continued efforts to empower local businesses and drive digital innovation, coupled with strategic partnerships like the one with LA Market, Egypt’s business landscape is poised to witness significant growth and transformation in the coming years.