Table of Contents
Key Points
- Fawry surpasses $40.1 million in BNPL transaction volume, marking a key milestone in its growth under CEO Ashraf Sabry’s leadership.
- Fawry’s "Alnota" Overdraft service simplifies merchant payments with flexible credit terms and no-cost onboarding, gaining 50,000 new users in 2024.
- Fawry’s market cap rises above $550 million, driven by a 127.4% YoY profit increase and strong investor confidence.
After delivering a record financial performance for the first nine months of its 2024 fiscal year, Fawry for Banking Technology and Electronic Payments has reached another significant milestone under the leadership of its CEO, Ashraf Sabry, a prominent Egyptian fintech founder and business executive.
Sabry, a technology business expert with over 20 years of experience in finance and IT, founded Fawry and has guided it to become Egypt's largest electronic payment network. The company has now achieved a remarkable feat with its Buy Now, Pay Later (BNPL) service, "Alnota" Overdraft, surpassing $40.1 million in transaction volume.
This milestone underscores Fawry’s commitment to scaling its embedded finance solutions and expanding merchant access to working capital, solidifying its leadership in Egypt's rapidly growing digital economy. As the leading provider of e-payments and digital finance solutions, Fawry is making financial services accessible, reliable, and valuable to millions of banked and unbanked users across the nation.
Fawry boosts merchant access with Alnota
Fawry’s "Alnota" Overdraft service offers merchants digital credit limits up to EGP 150,000 via Fawry POS terminals, addressing essential working capital needs. It simplifies supplier payments and broadens access to Fawry’s comprehensive offerings, converting B2B transactions and bill payments into short-term loans with flexible repayment terms of 3 to 15 days and no-cost onboarding.
This platform’s success has been fueled by its rapid adoption, with over 50,000 merchants joining in 2024 and facilitating more than 750,000 transactions via the embedded credit solution. Ashraf Sabry commented, “Alnota Overdraft opens new opportunities for Fawry to collaborate with diverse suppliers across Egypt, further strengthening our position in the ecosystem.”
Alexander Levchenko, CEO of Fawry MSME, added, “Our vision to digitize the Egyptian economy and connect key market players is becoming a reality, with Alnota Overdraft playing a pivotal role in this journey.”
Fawry drives Africa’s fintech growth
Since its founding in 2008, Fawry has established itself as Egypt’s leading e-payment platform, enabling secure bill payments and mobile top-ups. Supported by major shareholders like the National Bank of Egypt, Banque Misr, Alpha Oryx Limited (UAE), and the Egyptian American Enterprise Fund, Fawry has expanded its presence across Africa’s growing fintech sector.
Ashraf Sabry, who holds a 2.345 percent stake in the company, has been key in Fawry’s financial success and market dominance. The company’s performance is reflected in the confidence of its investors, with its share price increasing by over 60 percent, pushing its market capitalization above $550 million and delivering significant value to shareholders, including Sabry.
Fawry’s most recent earnings report showed an impressive 127.4 percent year-on-year increase in net profit for the nine months ending September 2024, reaching EGP1.1 billion ($22.2 million). As Fawry continues to innovate and expand its offerings, it remains a dominant force in Egypt’s fintech sector and a key player in Africa’s digital finance landscape.
