Fawry, Egypt’s leading E-payment solutions provider, will turn its online payment portal “myFawry” into a digital bank in 2023, the country’s stock exchange market indicated Sunday August 13, in a statement. The future bank will provide a variety of financial services, including payments, consumer lending, savings, and investments, the online payment firm indicated. In addition, the company’s revenues, estimated at EGP 1.4 billion from January until the end of June 2023, posted a 42.4 percent annual increase. The plans to become a digital bank come amid impressive leaps towards digital transformation in recent years by the country. Egypt’s Central bank in July 2023 issued rules for licensing, registering, controlling, and supervising digital banks.

Source: The North Africa Journal August 14, 2023 16:55 UTC