{"id":324252,"date":"2021-12-23T10:13:51","date_gmt":"2021-12-23T10:13:51","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=324252"},"modified":"2021-12-24T10:15:17","modified_gmt":"2021-12-24T10:15:17","slug":"fawry-to-establish-consumer-finance-company-with-egp-10m-initial-capital","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2021\/12\/23\/fawry-to-establish-consumer-finance-company-with-egp-10m-initial-capital\/","title":{"rendered":"Fawry to establish consumer finance company with EGP 10m initial capital"},"content":{"rendered":"<p>Fawry for Banking Technology and Electronic Payments\u00a0will establish\u00a0a consumer finance company, Fawry Consumer Finance, with an initial\u00a0capital of EGP 10 million.<\/p>\n<div id=\"Outstream\"><\/div>\n<p>The new company will enable\u00a0Fawry to expand\u00a0its existing offering of financial solutions, which are currently provided\u00a0through\u00a0partner banks and financial service entities, and\u00a0the targeted consumer categories,\u00a0according to a press release on Thursday.<\/p>\n<p>Launching\u00a0Fawry Consumer Finance, which\u00a0will\u00a0be fully owned by Fawry and its subsidiaries, is in line with\u00a0the government vision and\u00a0the Financial Regulatory Authority&#8217;s (FRA)\u00a0strategy to promote\u00a0financial inclusion and digital transformation.<\/p>\n<p>Fawry received the necessary license from the FRA\u00a0and will directly launch the new company\u00a0in 2022 to enable its customers to have access to\u00a0credit through multiple products including Buy Now Pay Later (BNPL).<\/p>\n<p>The\u00a0<strong>CFO of Fawry,\u00a0Abdel Meguid Afifi,<\/strong>\u00a0said:\u00a0<em>&#8220;In the last couple of years we\u2019ve seen huge growth of buy-now-pay-later transactions. We also believe that providing value-added services at checkout for the merchant will be key to growing our acceptance business and deepen the utilization of our POS network.&#8221;<\/em><\/p>\n<p>Meanwhile, Afifi commented:\u00a0<em>&#8220;The offering combines the two, allowing Fawry to meet real needs of consumers to gain access to credit and empowering merchants to offer their customers multiple options to pay on their own terms.&#8221;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fawry for Banking Technology and Electronic Payments will establish a consumer finance company, Fawry Consumer Finance, with an initial capital of EGP 10 million<\/p>\n","protected":false},"author":4,"featured_media":320363,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[],"class_list":["post-324252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - 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