Fawry launches ‘Fawry Business’

The announcement was made during a press conference Fawry held.

The new platform provides a comprehensive suite of tools to streamline financial operations, enhance efficiency, and empower companies to thrive in an increasingly digital economy.

It provides an integrated system for managing electronic receivables and payments, corporate and individual cards in collaboration with Banque Misr, and financing solutions tailored for small- and medium-sized enterprises (SMEs).

Additionally, the platform offers an investment opportunity through the Fawry Daily Fund, which allows companies to earn daily returns of up to 23 percent annually on their working capital.

Micro, small, and medium enterprises (MSMEs) drive Egypt’s economy, representing 90 percent of the private sector, 43 percent of GDP, and 75 percent of the labour force, according to the Micro, Small, and Medium Enterprises Development Agency (MSMEDA) data.

Meanwhile, a new Visa report revealed that 33 percent of SMEs in Egypt struggle with a lack of access to finance, and only 15 percent of these enterprises have adequate access to finance. Their outstanding loan portfolio stands at $11 billion.

It also includes tools for managing human resources (HR) and payroll, financial operations, sales, and procurement, providing businesses with a centralized solution to simplify their day-to-day operations.

Fawry Business mainly targets the industries of manufacturing, healthcare, education, retail, logistics, and real estate. Its HR system, for example, enables companies to track employee attendance via geolocation, manage overtime, process payroll, and handle employee requests efficiently.