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    Egypt’s Leading Fintech Company Fawry Records $7 Million Profit in First Quarter of 2024

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    Fawry, Egypt’s foremost fintech company, has reported a significant financial upswing, recording a net profit of EGP 333.718 million ($7 million) in the first quarter of 2024. This marks a substantial increase of 134.91% compared to the same period in 2023, where profits stood at EGP 142.057 million ($3 million). The announcement was made in a statement to the Egyptian Exchange (EGX), highlighting the company’s impressive growth trajectory.

    The company’s revenues for the first three months of 2024 also showed remarkable growth, reaching EGP 1.087 billion ($23 million). This is a notable increase from the EGP 675.696 million ($14.4 million) reported during the same quarter in the previous year.

    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.

    Fawry’s success is attributed to its ability to meet the growing demand for electronic payment solutions in Egypt, a country where digital financial services are increasingly essential. The company’s continuous innovation and expansion of services have positioned it as a leader in the fintech industry.

    In its statement, Fawry emphasized its commitment to enhancing financial inclusion and providing seamless payment solutions to its users. The company’s strategic initiatives and partnerships have played a crucial role in driving its revenue and profit growth, reflecting its capacity to adapt to the dynamic financial landscape.

    Looking ahead, Fawry aims to further solidify its market position on the back of the its recent profit records by expanding its service offerings and continuing to innovate in the fintech space. The company’s growth prospects remain strong, supported by a robust digital infrastructure and a growing user base.

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