Fawry is spearheading Egypt's digital payments revolution
- How did Fawry’s offerings challenge Egypt’s sluggish bank incumbents?
- What’s the future outlook for Fawry in 2024?
Egypt is at the tipping point of a transformative digital payment wave shaking up its cash-dependent economy, with 67% of Egyptians still unbanked. To understand the structural issues precipitating Egypt’s heavy reliance on cash, it’s worth highlighting Egypt’s macroeconomic context, as digital economies don’t exist in a vacuum.
Under Hosni Mubarak's presidency (1981-2011), Egypt's push for privatisation fueled service-oriented growth, with state banks and telecom assets being transferred to private ownership. Today, the service sector is powered by financial services, telecommunications, information technology, and tourism.
Tourists have consistently flocked to Egypt’s ancient temples and storied pyramids, providing an inflow of dollars. 13 million tourists flocked to Egypt’s natural attractions in 2019, contributing 8.8% to GDP ($32 billion)—more than double 2018’s earnings, establishing Egypt as the most visited African nation. Additionally, the tourism industry employs 10% of Egypt’s workforce.
While tourism dollars boost state coffers, the halt in global travel in
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