Fawry Plus was established in 2017 as a joint venture between CIB, Banque Misr, Fawry, and ACIS. Its strategy is to become Egypt’s first banking agent while playing an active role toward achieving financial inclusion. Fawry Plus aims to provide a wide array of banking and financial services to end consumers and businesses through a network of retail branches across Egypt, focusing on serving urban and underserved regions.
Fawry Plus branches will provide banking services including limited KYC services and document collection required for mobile wallet registration, prepaid and credit card issuance, loan issuance, and account opening. Other services include collecting bank correspondence and mail, cash withdrawal and deposits, repaying loan and credit card dues, as well as various bill payments such as utility, telecom, subscription fees, taxes, and fines.
Opened 36 new branches to reach a total of 66 operating branches Rented out 91 spaces in its branches for bank ATMs Worked with several banks and the CBE to put in place the standards and procedures for agent banking in Egypt
2019 Forward-Looking Strategy
Fawry Plus plans on becoming the preferred destination for banking customers in 2019, as its branches will be less crowded, closer to residential areas, and work longer hours than banks.
The company also intends to sign several sizeable contracts with multiple banks, financial institutions, and other industry players to provide their services through Fawry Plus branches. The company is looking to double its cash management service to EGP 35 billion in 2019 from EGP 18 billion in 2018.
Fawry Plus will focus on serving the e-commerce industry in terms of cash management and logistics. The company’s branches will serve as drop-off/pick-up stations for customers as well as fulfillment hubs for courier companies.