Fawry for Banking Technology and Electronic Payment (FWRY) has entered agreements with a number of local banks to enable disbursing real-time remittances of Egyptians abroad via Fawry’s outlets in Egypt, the company’s founder and CEO Ashraf Sabry told Al Mal Newspaper.
The company is currently seeking to obtain the approval of the Central Bank of Egypt (CBE) regarding this matter, Sabry pointed out.
Regarding its collaboration with Banque du Caire (BDC) (BQDC), he said that the volume of real-time remittances was not high as transaction are still in the trial period.
In September 2020, the CBE had approved the cooperation between Fawry and BDC to execute the real-time remittances payment project.
Moreover, Sabry revealed that Fawry is looking forward to become a part of the instant payment network launched recently by the CBE.
The company also plans to collaborate with six or seven banks under the new instant payment network, he noted, adding that the network is still going through the trial stage that ends in June.
Fawry is an Egypt-based company that provides an electronic payment network. The company allows users to pay bills in multiple channels, such as online, using automated teller machines, mobile wallets, and retail points.