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    HomeEcosystem NewsNORTHERN AFRICAEgyptian Fintech Fawry Rewards Employees with $1M+ Share Deal Amid Soaring Q1 Profits

    Egyptian Fintech Fawry Rewards Employees with $1M+ Share Deal Amid Soaring Q1 Profits

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    The Egyptian Stock Exchange (EGX) today announced a significant transaction involving 12.288 million shares of Fawry for Banking Technology and Electronic Payments, totaling 68.32 million Egyptian pounds (approximately $1.4 million USD). The EGX stated that the transaction was part of the reward and incentive program for the employees of Fawry.

    Fawry, a leading player in Egypt’s digital payments sector, reported substantial growth in its first-quarter 2024 financial results. Net profit for the period ending March 2024 reached 333.718 million Egyptian pounds, more than doubling the 142.057 million pounds earned during the same period in 2023. Revenues also saw a considerable increase, climbing to 1.087 billion pounds from 675.696 million pounds in the previous year.

    The company’s independent profits, excluding minority interests, followed a similar upward trend, surging to 305.194 million pounds in the first quarter of 2024, compared to 140.093 million pounds in the corresponding quarter of 2023.

    As of the latest filings, Fawry employees collectively hold 43.1 million shares in the company, representing a portion of the over 227 million shares allocated under the company’s Employee Stock Ownership Plan (ESOP).

    This substantial share transaction underscores Fawry ’s commitment to rewarding its employees and aligning their interests with the company’s success. It also highlights the company’s robust financial performance and its growing prominence in the Egyptian fintech landscape.

    Founded in 2008, Fawry has established itself as Egypt’s largest electronic payment platform. It plays a pivotal role in the country’s financial ecosystem by providing a range of services that include electronic bill payments, mobile top-ups, e-ticketing, and cable TV subscriptions. Fawry’s expansive network comprises 36 member banks, a robust mobile platform, and an extensive network of agents, facilitating over 4 million transactions daily. The platform serves approximately 51 million users each month, encompassing both the banked and unbanked populations in Egypt.

    1 USD = 48.0667 EGP Jul 08, 2024 00:35 UTC

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