Cairo, Egypt–Fawry, the Egyptian digital money transfer company, is holding talks with Saudi Payments to explore licensing possibilities in the kingdom.
It is part of its plan to expand into the Gulf Cooperation Council region, according to a statement from Fawry.
Fawry’s CEO, Ashraf Sabry, said: “The Kingdom of Saudi Arabia has a large and promising financial sector, characterized by strong competition in payments and high liquidity, which promotes competition and innovation among all market players.
“The new regulations laid out by the CBE on digital banking are also a welcome change and potentially present an attractive opportunity for Fawry to expand its service offering in Egypt. As a leader in innovative e-payment solutions in Egypt, Fawry will be able to unlock potential value for the Saudi market and its consumers.”
Fawry in a statement added that the talks are likely to conclude by the end of the year.
Fawry offers more than 1,186 financial services to consumers and businesses through more than 225,000 locations to pay bills and other services in multiple channels (online, using ATMs, mobile wallets and retail points).
The firm serves more than 29.3 million customers in Egypt, processing more than 3.06 million operations daily through its network.
According to Statista, transaction value in the Saudi digital commerce market is projected to reach $24.96 billion in 2023, growing at a compound annual growth rate of 14.06 per cent till 2027.
The number of users in the Saudi digital commerce market is expected to amount to 36.38 million by 2027.
Additionally, Fawry is considering entering the digital banking space in its home country after the Central Bank of Egypt issued new regulations allowing customers to access banking services only through digital channels and platforms.
