Fawry, a pioneering electronic payment solutions provider, has unveiled “Fawry Business,” a robust platform aimed at accelerating the digital transformation for businesses across Egypt. This innovative platform is set to revolutionize how companies handle financial operations, offering a comprehensive suite of tools to enhance efficiency and support growth in today’s digital economy.
“Fawry Business” is designed to streamline financial operations for businesses by offering an integrated system that manages electronic receivables, payments, corporate and individual cards, in collaboration with Banque Misr. It also provides tailored financing solutions for small- and medium-sized enterprises (SMEs), addressing a crucial need in the market.
Additionally, the platform introduces the Fawry Daily Fund, an enticing investment opportunity that enables companies to earn daily returns of up to 23 percent annually on their working capital. This feature is expected to attract a significant number of businesses seeking to optimize their financial management.
Micro, small, and medium enterprises (MSMEs) are the backbone of Egypt’s economy, constituting 90 percent of the private sector, contributing 43 percent to the GDP, and employing 75 percent of the workforce, according to the Micro, Small, and Medium Enterprises Development Agency (MSMEDA). However, many SMEs face financial challenges. A recent Visa report highlights that 33 percent of SMEs in Egypt struggle with access to finance, with only 15 percent having adequate funding. The outstanding loan portfolio for these enterprises stands at $11 billion.
Targeting key industries such as manufacturing, healthcare, education, retail, logistics, and real estate, “Fawry Business” offers tools for managing human resources (HR), payroll, financial operations, sales, and procurement. Its HR system, for instance, enables companies to track employee attendance via geolocation, manage overtime, process payroll, and handle employee requests efficiently, providing a centralized solution to simplify day-to-day operations.
Ahmed Khalil, a fintech specialist, commented, “Platforms like Fawry Business are essential for Egypt’s economic evolution and transformation to a cashless society. By supporting SMEs, which are vital to the Egyptian economy, Fawry is not only enhancing business operations but also contributing to broader economic stability and growth.”
In an exclusive insight, Fawry revealed plans to expand the platform’s capabilities, incorporating advanced data analytics and AI-driven insights to further aid businesses in strategic decision-making processes.
