The impact of the rising inflation is harsh, Sabry told Ahram Online during the inauguration of Fawry’s new headquarters, Fawry Quantum Building, at the Smart Village on Monday.
Fawry is currently considering several scenarios with its partners in the market to curb the repercussions of these challenges and for the company to fulfil its financial needs, he added.
Egypt’s annual headline inflation accelerated from 15 percent in September to 16.2 percent in October to exceed the 15.7 percent mark registered in November 2018, according to the latest readings released by the Central Agency for Public Mobilisation and Statistics (CAPMAS) in November.
The monthly headline inflation edged up by 2.5 percent in October compared to September, driven mainly by the rise in food and beverage prices (3.2 percent), healthcare (1.3 percent), and education (7.7 percent), according to CAPMAS.
“Yet, we are still able to deal with these challenges. Fawry started operating in the Egyptian market in 2010, experiencing a host of economic and political challenges. However, it has managed to grow and expand partnerships in the local market,” Sabry noted.
Egypt is a huge market in terms of population, with a significant increasing demand for e-payment solutions. For Fawry, the largest e-payment and financial tech services provider in the local market, the global crisis has offered both challenges and opportunities, he added.
“Thus, growth opportunities for the e-payments market and for Fawry are on rise. Yet, the key challenge we are facing is to keep pace with the changes the tech sector is continuously witnessing to meet the market’s needs in the most efficient way,” Sabry said.
Over four million transactions are conducted daily via Fawry’s application and points of sale to the tune of EGP 750 million, Sabry added, noting that Fawry has roughly 50 million users.
The company grows by about 38 percent annually, he pointed out, citing Fawry’s financial results in the third quarter of 2022 that show EGP 1.7 billion in revenues.
Due to the global economic conditions, Fawry has decided to put off its decision to explore enlisting in the US stock market, he said, stressing that the company does not plan to adopt the double entry system in the Egyptian Exchange or increase its capital.