Misr Capital, the investment banking arm of Banque Misr, and Fawry have launched ‘Fawry Yawmy’ money market fund, an innovative fintech-based investment fund, with a minimum initial investment ticket of EGP 500.
Upon opening the purchase and redemption phase set on 30 January, Fawry Yawmy will benefit from Fawry’s financial technology and retail presence to reach individual investors, according to a recent press release.
Fawry has over 160 Plus branches and over 250,000 POS machines across Egypt.
The CEO and Managing Director at Misr Capital, Khalil El Bawab, said: “This alliance also provides a comprehensive retail investment product that combines easy access and proven expertise; it leverages Fawry’s massive retail and digital presence, in addition to its role in millions of Egyptian households, with Misr Capital’s track record as one of MENA’s largest mutual fund investment managers.”
Meanwhile, the CEO and Founder of Fawry for Banking Technology and Electronic Payments, Ashraf Sabry, commented: “The fund wholly relies on financial technology, a first-time for a mutual fund in MENA.”
