Fawry, Egypt’s leading banking technology and electronic payment firm, has received the green light from the Financial Regulatory Authority (FRA) to establish a new microinsurance company. The new entity, Fawry for Microinsurance, is set to address the protection gap for underserved segments of the Egyptian market.
Quick Facts
- New Entity: Fawry for Microinsurance
- Paid-in Capital: EGP 60 million
- Fawry’s Stake: 90% ownership
Targeting Egypt’s Underinsured
Fawry for Microinsurance will roll out simple, low-cost insurance products designed for microbusinesses, gig economy workers, and mass-market consumers. The initial product lineup will focus on essential coverages, including health, life, personal accident, and asset protection.
The move aims to directly tackle the low insurance penetration in Egypt. By leveraging its data capabilities, Fawry plans to create customer-centric products that align with real-life risks and usage patterns, boosting financial inclusion in line with national strategies set by the Central Bank of Egypt (CBE) and the FRA.
Ashraf Sabry, CEO of Fawry, commented: “Insurance remains underpenetrated in Egypt, particularly among micro and informal segments. By embedding insurance into our existing payment ecosystem, we can offer relevant, affordable protection in a seamless and trusted manner.”
Leveraging a Massive Distribution Network
A key part of the strategy is deploying Fawry’s vast existing infrastructure for distribution. The company will use its network of over 350 Fawry Plus branches, more than 375,000 points of sale, and the myFawry digital app, which has over 24 million downloads.
This approach will allow customers to access and enroll in insurance products through familiar, everyday touchpoints, removing common barriers to entry and making financial protection more accessible across the country.
About Fawry
Fawry is a leading Egyptian company specializing in banking technology and electronic payment solutions. It offers a comprehensive suite of financial services through a widespread network of digital and physical channels, serving millions of consumers and businesses across Egypt.
Source: Arab Finance
