Public listing of Fawry - the Egyptian digital payments fintech leader
responsAbility part of successful fintech IPO
Zurich, 8 August 2019 — A responsAbility-managed private equity fund focusing on financial inclusion is part of the successful listing of Fawry, the leading Egyptian provider of payment services to more than 20 million clients across all segments of the population. The fund is selling a part of its stake, alongside all other shareholders, on a pro-rata basis in the successful listing of Fawry on the Egyptian Exchange in Cairo.
As a shareholder of Fawry since 2017, the responsAbility-managed private equity fund has been actively supporting the business in close partnership with the Fawry management team, particularly focusing on building out its lending business. The IPO will open shareholding to the Egyptian public, where Fawry has become a household name, with over 40 percent growth last year alone. Local banks will also be able to further benefit from Fawry’s strong digital platform, which enables the supply of financial services to an even broader section of the population.
Fawry reached its current status by offering a pioneering e-payment network in Egypt. With more than 111,000 locations, this network enables access to financial services for consumers and businesses via a wide range of e-payment services including bill payment, charging of mobile phones and meters, payment of insurance premiums, on loans and credit cards through point-of-sales devices, ATMs and e-wallets. The company also offers bank agent services, cash management and collections solutions, and supplies e-payments, microfinance and insurance brokerage. Currently, over 20 million clients use Fawry’s services for more than 2.1 million transactions per day.
“We are delighted to see such strong investor interest in Fawry’s success story,” commented Michael Fiebig, Head of Financial Institutions Equity at responsAbility and Board Director at Fawry. “Fawry has been building out a uniquely wide and deep digital financial services eco-system that benefits over 20 million clients. We are thrilled to see strengthened Egyptian ownership in the company through the successful public listing on the Cairo stock exchange. We will continue to support the further expansion of the company, which is leading the way for innovation in the Egyptian financial sector.”
Speaking on behalf of Fawry, Ashraf Sabry, CEO, said: “Our vision was always about improving the day to day lives of people all across Egypt. By providing much needed financial services, we accomplished that. Therefore, this public listing is not only a major milestone but also an extension of our initial vision, allowing us to continue to improve lives and to partner even more closely with Egyptian people and businesses.”
responsAbility Investments AG
Ulli Janett, Media Relations
+41 44 403 06 33
ulli.janett [at] responsAbility.com
Ahmed Nabil, Head of Marketing
Ahmed.Nabil [at] Fawry.com
About Fawry (fawry.com)
Fawry is a pioneering e-payment network in Egypt, offering financial services to consumers and businesses through more than 111,000 locations and a variety of channels across the country. Fawry provides e-payment services including bill payment, charging of mobile phones and meters, payment of insurance premiums, on loans and credit cards through point-of-sales devices, e-wallets, ATMs. The company also offers bank agent services, cash management and -collections solutions, supplier e-payments, microfinance and insurance brokerage services. Over 20 million clients use Fawry’s services for over 2.1 million transactions per day.
About responsAbility Investments AG (www.responsability.com)
A leading asset manager for impact investments in emerging economies, responsAbility manages USD 3 bn of assets through a variety of investment vehicles that provide private debt and private equity to some 540 companies with inclusive business models across 90 countries. Founded in 2003, the company is headquartered in Zurich, Switzerland, and has local offices in Bangkok, Geneva, Hong Kong, Lima, Luxembourg, Mumbai, Nairobi, Oslo and Paris.