Fawry, Egypt’s leading digital transformation and e-payments platform, has obtained a USD 10.8 million (EGP 550 million) financing facility from the Micro, Small, and Medium Enterprise Development Agency (MSMEDA). The funding is designated for its subsidiary, Fawry MSME Finance, to scale up its digital lending services for small businesses across the country.
Quick Facts
- Total Financing: $10.8 million from MSMEDA.
- For Microenterprises: $5.9 million allocated.
- For SMEs: $4.9 million allocated.
Scaling Digital Credit for Entrepreneurs
The new financing package is structured to address different segments of the market, with USD 5.9 million (EGP 300 million) directed towards microenterprises and USD 4.9 million (EGP 250 million) for small and medium-sized businesses. Fawry will deploy these funds through its digital lending platform, which uses data-driven credit assessments to provide businesses with quicker access to working capital and expansion financing.
This move reinforces the company’s focus on supporting entrepreneurship and driving financial inclusion by leveraging technology to solve traditional credit access challenges.
Aligning with Egypt’s Economic Vision
This initiative is part of a broader national strategy in Egypt to improve access to credit for smaller companies and encourage businesses operating in the informal sector to join the formal economy. The partnership between Fawry and MSMEDA directly supports the goals of Egypt Vision 2030, which aims to foster sustainable economic growth and strengthen the country’s entrepreneurial fabric.
By providing accessible financing, the program helps businesses expand operations, create jobs, and contribute more effectively to economic development.
“Through our digital lending platform, we will be able to extend fast, efficient, and accessible financing to a greater number of micro, small, and medium enterprises across all governorates, supporting both new ventures and the expansion of existing businesses,” said Eng. Ashraf Sabry, Chief Executive Officer of Fawry. “In doing so, we aim to strengthen their contribution to Egypt’s economic development by helping them meet the evolving needs of the local market.”
The Growing Role of Fintech in SME Financing
The agreement underscores a significant trend where fintech companies are increasingly filling the credit gap for underserved businesses, a role historically dominated by traditional banks. By expanding its digital lending capabilities, Fawry is solidifying its position as a key player in Egypt’s financial ecosystem.
MSMEDA’s collaboration with a fintech leader like Fawry also highlights the agency’s mandate to boost financing for smaller enterprises, which are a major driver of private sector activity and employment in Egypt.
About Fawry
Founded in 2008, Fawry is an Egypt-based digital financial services platform that serves both banked and unbanked populations. It offers a wide range of services including electronic bill payments, mobile top-ups, and digital lending, positioning itself as a central player in Egypt’s push towards a digital and cashless economy.
Source: Waya
