The report by Forbes also highlighted other leading mobile apps that would help customers make payments, transfer, borrow money as well as invest online.
MyFawry already possesses these features and was the first Fintech company to pioneer these services which have expanded to include functions such as paying mobile bills, book bus tickets, and many more.
As of June 2021, myfawry has a total of 3.5 million total downloads with $105 million of annualized throughput.
As Egypt saw the fast adoption of electronic payments, Fawry saw the opportunity to develop myfawry that would be accessible across the country and on every device.
This is in line with the vision of the Egyptian government to push for digital transformation as it becomes one of the fastest-growing markets in the Middle East.
“We are pleased to know that myfawry is the number 1 fintech app in the region and we are proud with what Fawry has achieved not only in Egypt but in the entire Middle East in terms of electronic payments,” said Engineer Ashraf Sabry, CEO of “Fawry”. “We are continually striving to further expand our services and to cover more countries not only in the Middle East but the rest of the world, achieving progress that will make a fundamental change in the field of digital payments,” he added.
Fawry was listed on the Egyptian Stock Exchange in 2019 with a current market value of $1.9 billion as of August 2021. During the first half of the year, the company’s net profit rose to
137.1 million pounds, compared to a net profit of 85.9 million pounds during the same period last year.
Additionally, Fawry revenues increased to 742.5 million pounds during the same period, compared to revenues of 549.2 million last year.
Created in 2007, Fawry originated from an idea by the technology industry expert Ashraf Sabry, who envisioned an easy-to-use and accessible electronic payment in the Egyptian market.
It started with 5,000 service points in only two cities and has since expanded to 225,000 service points that offer more than 1,186 services.
This made Fawry the preferred electronic payment work for more than 29.3 million customers that conducts more than 3.069 million daily financial transactions that include payments, collections, settlements, contracts, and new subscriptions.