Fawry began as an idea in 2007, when technology expert Ashraf Sabry came up with the vision of introducing electronic bill payment in Egypt, to beat the pressing need for convenience and easy payments in a country where traffic congestion and complex procedures are daily challenges that face consumers.
In 2008, Fawry was established after garnering the support of major investors like Raya Holding, Technology Development Fund (Ideavelopers), Arab African International Bank, HSBC, Alexbank and recently joined International Finance Cooperation (IFC). Fawry’s management team united financial and information & communications technology (ICT) executives with broad experience and decades of senior management at top regional organizations and Fortune 500 companies.
Building the Technology
Fawry brought together young minds and talents dedicated to build world-class technology, with the highest standard of information security and usability. Within one year Fawry team were able to complete Fawry solutions and network design based on Cisco and IBM platforms and with an ISO certified data center.
The main targets of this innovative technology is to allow customers to make their payments through multiple channels, and enable billers and financial institutions to benefit from business & payment remittance info in a single transaction formatted to update beneficiary systems as well as enjoy settlement through the banking system.
Fawry’s technology was built to offer businesses and governments alike cost-efficient solutions based on easy and painless integration, allowing records to reflect real-time settlement of transactions, live access to their accounts through our gateway or, for those with legacy systems, the ability to export from our bill warehouse.
Today Fawry’s patented technology is in full compliance with ISO 27001 and PA DSS standards and offers authentication, non-repudiation, data confidentiality and integrity, segregation of duties, and network security and physical security at all infrastructure levels.
Market Penetration & Brand Strength
Starting from 5000 points of service in two cities, Fawry teams successfully rolled out the service to reach 50,000 points of service in 300 cities nationwide.
Fawry’s brand grew stronger nationwide with the newly discovered benefits of easy payments, collection services, cash management and B2B financial services. Fawry became a household name as it was available for every kind of payment made by customers and allowed businesses to efficiently and timely perform collection and settlements through Fawry’s seamless network operation.
Fawry’s icon on every retailer, post office and ATM machine, is becoming more significant everyday as the service continues to offer reliability, security and convenience to both customers and businesses.
Expansion of the Service Portfolio
Capitalizing on Fawry’s growing network, with member banks and businesses, our portfolio developed to avail more services for businesses including cash management, mobile solutions and operational support services.
Fawry is currently active with the solutions and offerings in the mobile wallet and mobile money space aiming to enrich customer experience with its Omni-channel model.
Depending on its young and dynamic team, Fawry introduced new innovations including the customer acquisition service “SuperFawry” and various prepaid solutions with vouchers and cards.