Cairo – Mubasher: Fawry MSME, a fully-owned subsidiary of Fawry for Banking Technology and Electronic Payments, has facilitated 70,000 transactions at a total value of EGP 2 billion.
Fawry provided more than 50,000 merchants with Egypt’s first buy now, pay later (BNPL ) offering, as its solution digitally connects them with their suppliers, according to a press release.
Alnota Overdraft empowers merchants with an embedded digital limit directly accessible through their point-of-sale (POS) terminals at the payout stage.
This digital facility supports merchants' working capital needs, offering a maximum limit of up to EGP 150,000. Hence, they can enhance the limit for a predefined range of Fawry services and supplier payments.
Alexander Levchenko, CEO of Fawry MSME, commented: “Our vision to digitise the Egyptian economy and connect key market players is becoming a reality where Alnota Overdraft is playing a pivotal role in this journey.”
Ashraf Sabry, CEO of Fawry, said: “Alnota Overdraft opens new opportunities for Fawry to collaborate with diverse suppliers across Egypt, further strengthening our position in the ecosystem.”
In the first nine months (9M) of 2024, Fawry’s net profits attributable to the shareholders amounted to EGP 1.10 billion, versus EGP 486.54 million in 9M-23.
