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myFawry, an app through which Egyptians can pay bills, recharge their mobile phones, book bus tickets, track their spending, and more, has been ranked first on Forbes’ list of top fintech apps in the Middle East.
The 2021 ranking is based on the performance of the apps over the previous year and considers the amount of money processed through each app, number of downloads, and active users. Forbes excludes fintech applications owned by traditional banks and telecommunication firms.
With more than 1.6 million downloads last year, myFawry topped the ranking. Overall, the app has been downloaded more than 3.5 million times and had $105 million annualised throughput as of June 2021.
myFawry is the consumer-facing app of Fawry, a larger electronic payments platform in Egypt and the North African country’s only unicorn startup.
Established in 2008, Fawry is Egypt’s first and largest electronic payment network. It provides payment gateway services to consumers and businesses through over 225,000 locations and a variety of channels; including online, ATMs, mobile wallets, and retail points.
According to data available on its website, the company has 29.3 million monthly users, processes 3.069 million transactions per day, and collected EGP81 billion ($5.16 billion) in 2020. Transactions processed vary from payments, settlements, and contracts to service subscriptions.
Fawry for Banking and Payment Technology Services was listed on the Egyptian Stock Exchange (EGX) in 2019 and reached a $1 billion valuation in August 2020. Its market cap as of August 5 this year was put at $1.9 billion.
myFawry’s growth coincides with the increasing adoption of electronic payments in Egypt amid a government push to stimulate mobile payments for e-commerce.
The Forbes list includes applications from five countries. Six of them are headquartered in the United Arab Emirates (UAE) while four are based in Egypt. Kuwait is home to three with Jordan and Saudi Arabia hosting one apiece.
The companies featured on this list amassed a cumulative total of 9.5 million downloads and processed $6.9 billion worth of transactions in 2020.
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