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Over 400,000 customers make half million transactions in first 6 months of Fawry network launch

Egypt: Tuesday, September 07 - 2010 @ 14:51

Customers completed 500,000 transactions through different network outlets, either banks directly providing Fawry services via its ATMs or bill payment and mobile top-up points available at 1200 medium and large grocery stores or pharmacies.

The huge customer response reflects Egyptians’ increasing trust and reliance on Fawry network channels to pay various bills. Customers have realized the benefits of using the Fawry network, which provides them with a modern, secure and convenient method to view and pay their bills through a single outlet, thereby saving time and effort. Customers can pay bills for services or goods through the Fawry network across Egypt, eliminating costly and time consuming visits to the service provider’s sales or customer support centres.

Ashraf Sabry, CEO of Fawry, expressed his appreciation for the trust that people have reposed in the Fawry network, “We are delighted at the growth in the number of people turning to Fawry to pay their bills. In fact, the number of Fawry network users is increasing monthly at a rate of over 100%. All of us at Fawry are pleased with this achievement, and expect even better growth as we continuously work on expanding the variety of bills and services that people can pay and access through our network. Fawry is busy signing deals with companies and institutions in various sectors while at the same time implementing its own plans to expand the network and develop safe and convenient payment choices across Egypt,” Mr. Sabry said.

Citing figures from published financial statements of companies, Mr. Sabry said that Egyptians pay bills worth EGP70bn every year. Telecom bills, including landline, mobiles, internet services and mobile top-up account for half this amount. Out of the EGP35bn spent on paying telecom bills,EGP25bn goes to direct top-up of mobile phones, between EGP3bn and EGP4bn for monthly bills paid to the three mobile providers, EGP5bn in bill payments for Telecom Egypt (fixed line), and one billion pounds for internet providers. The remaining amount of the total bill payments in Egypt goes towards utility bills, insurance premiums, universities and other services.

Using the Fawry network, customers can now pay bills of all three GSM operators; Mobinil, Vodafone and Etisalat in addition to mobile top-up, and bill payments for Telecom Egypt (fixed line) and Link DSL and many others. Payment channels include banks that offer Fawry services at its ATM machines like National Bank of Egypt, Bank of Alexandria, Banque Misr, and Banque Du Caire. The four banks have 2200 ATMs, and they will be joined by another 6 banks that will offer Fawry services.

In addition to bank ATMs, the Fawry network includes 1200 bill payment and mobile top-up points that are available in 1200 medium and large grocery stores or pharmacies across the country. Fawry plans to increase its machines at retailer stores to 3000 by the end of the year and to 12,000 by the year 2012. From October, customers can use Fawry network to pay bills and top-up mobiles at 3800 post offices in Egypt.

“The introduction of a unique concept like Fawry is in line with the strategy adopted by the Egyptian Ministry of Communications and Information Technology (MCIT) to develop standards of life and increase productivity through telecom and IT by offering new modernised services in all sectors,” added Ashraf Sabry.

“Fawry Company is proud to be the first national company to provide electronic bill payment and other modern services, and also an excellent example of integrating IT systems with modern developed banking services,” he said.

The Fawry CEO also noted that the company invested more than EGP25m to establish the network and aims to work closely with its partners to provide a modern, secure and simple service that enables people to pay various bills anywhere, anytime. It also supports the national economy by creating jobs and preserving financial flow within the Egyptian banking system, as well as guaranteeing revenues for bill issuers.

Minister of Communications and Information Technology, Dr Tarek Kamel recently presided at the signing of a cooperation agreement between Egypt Post and Fawry for banking IT and e-payments. The agreement comes under the ministry’s plan to further develop Egypt Post services. Dr Ashraf Zaki, head of Egypt Post, signed the agreement with Mr Ashraf Sabry, CEO of Fawry, in a ceremony attended by senior officials and executives from the ministry and Fawry.

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Tuesday, September 7- 2010 @ 14:51 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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