With their MyFawry app, Egyptian FinTech darling Fawry grabbed the #1 place on the list. The app has 3.5 million overall downloads and $105 million yearly throughput as of June 2021, according to Forbes, with a market value of $1.9 billion as of August 5, 2021.
“We are pleased to know that myFawry is the number 1 fintech app in the region and we are proud with what Fawry has achieved not only in Egypt but in the entire Middle East in terms of electronic payments,” said Engineer Ashraf Sabry, CEO of “Fawry”.
“We are continually striving to further expand our services and to cover more countries not only in the Middle East but the rest of the world, achieving progress that will make a fundamental change in the field of digital payments,” he added.
Fawry was founded in 2007 by Ashraf Sabry, a technology industry professional who envisioned an easy-to-use and accessible electronic payment in the Egyptian market. It began with 5,000 service points in two cities and has now grown to 225,000 service points with over 1,186 services.
And now it is Egypt's first and largest electronic payment network, providing financial services to individuals and companies through a number of channels across the country.
The company offers multiple financial services through ATMs and other retail points. Electronic bill presentment and payment, alternative digital payments, multichannel acceptance, supply chain payments, agent banking services, digital SME loans, and other digital solutions for banks, and merchants are just a few of Fawry's offerings.
Fawry was listed on the Egyptian Stock Exchange (EGX) in 2019. The company reached a market cap of $1 billion in August 2020.As of August 5, 2021, the current market worth is $1.9 billion, according to the most recent data.
The other fintech companies following closely after of myFawry are Al Ansari Exchange Mobile App (UAE), Al Mulla Exchange (Kuwait), MyFatoorah (Kuwait), and ValU (Egypt).