Fawry for Banking Technology and Electronic Payments has reported a remarkable 111% increase in net profits for the first half of 2024, underscoring its dominant position in Egypt’s burgeoning fintech sector. This substantial growth reflects a significant leap in financial performance, with the company recording a net profit of EGP 685.91 million ($13.9 million) from January to June, compared to EGP 324.84 million ($6.6 million) in the same period last year.

The company’s revenue also saw a notable increase, rising to EGP 2.29 billion ($46.3 million) from EGP 1.44 billion ($29.1 million) during the first half of 2023. On a standalone basis, Fawry’s independent profits grew to EGP 592.41 million ($12 million), up from EGP 273.95 million ($5.5 million) in the prior year. For the first quarter of 2024 alone, Fawry achieved a net profit of EGP 333.72 million ($6.8 million), a significant rise from EGP 142.06 million ($2.9 million) in Q1 2023, with revenues increasing to EGP 1.087 billion ($22 million) from EGP 675.70 million ($13.7 million).

Founded in 2008, Fawry has cemented its position as Egypt’s largest electronic payment platform, playing a crucial role in the country’s financial ecosystem. The platform facilitates a diverse range of services including electronic bill payments, mobile top-ups, e-ticketing, and cable TV subscriptions. With a network comprising 36 member banks, a robust mobile platform, and an extensive network of agents, Fawry processes over 4 million transactions daily and serves approximately 51 million users each month, catering to both banked and unbanked populations in Egypt.

The surge in the profit earnings for Fawry is attributed to its ability to address the increasing demand for digital payment solutions in Egypt — a market where the adoption of financial technology is becoming increasingly vital. The company’s innovative approach and continuous expansion have established it as a leader in the fintech sector.