Private equity investment in leading mobile payments platform
Summary
Zurich and Cairo, 3 October 2017 — A responsAbility-managed private equity company has invested in Fawry, the leading mobile payments platform in Egypt. Over the next few years, mobile payments are expected to generalize in the country and offer attractive growth opportunities for operators in the field. Through the capital increase, Fawry aims to fast-track the expansion of cashless payments and financial inclusion by leveraging their mobile platform and distribution network. Given Fawry’s existing partnerships with industry leaders and public entities as well as the Egyptian government’s intention to offer cashless payment options to citizens for a broad range of services (social housing, driving license, traffic fines, transport), Fawry is ideally placed to benefit from the shift to dematerialized transactions. Michael Fiebig, Head of Equity Investments Financial Institutions at responsAbility Investments AG, explained: “With its ability to provide convenient mobile access to financial services to both private individuals and small to medium-sized businesses, Fawry ideally complements our existing portfolio of equity investments in financial institutions in emerging economies.” Speaking on behalf of Fawry, Ashraf Sabry, CEO, said: “Our efficient payment platform and network will enable us to provide financial services for sections of the population that have so far been underserved – at costs that will allow the model to be commercially sustainable.