Egyptian digital payments giant Fawry has announced a significant partnership with telecom operator Orange Egypt to launch a new device insurance service. The collaboration will introduce “Fawry Cover,” a service provided through Fawry Insurance Brokerage, to all Orange customers across the country.
A Strategic Push Into Insurtech
This move marks a key step in Fawry’s strategy to deepen its role in Egypt’s digital transformation and financial inclusion landscape. By integrating insurance solutions within its extensive financial ecosystem, the company aims to meet the evolving needs of its clients and bring comprehensive financial services to a wider audience.
The collaboration leverages the strengths of both companies, combining Fawry’s fintech expertise with Orange Egypt’s vast customer base and retail footprint.
Enhancing the Customer Experience
Through the partnership, Orange Egypt customers will gain access to a smoother and more secure purchasing experience when buying new devices from the company’s branches. The Fawry Cover service provides an added layer of protection, offering insurance coverage of up to 80% of the device’s value, subject to the policy’s terms and conditions.
This initiative is designed to boost consumer confidence and add tangible value by protecting their investments in personal technology. The two entities highlighted their shared commitment to serving the Egyptian consumer and fostering integration between the technology and financial services sectors.
Fawry’s Broader Financial Services Vision
The expansion into insurtech aligns with Fawry’s broader ambitions in the financial services sector. The EGX-listed company recently received approval from the Financial Regulatory Authority (FRA) to launch Fawry Holding for Financial Investments, a new entity with an authorized capital of EGP 50 million, signaling its intent to further diversify its offerings.
About Fawry
Fawry is a leading digital transformation and E-payment platform in Egypt. It offers a wide range of financial services to consumers and businesses through an extensive network that includes more than 225,000 locations and various digital channels. The company provides a convenient and reliable way to handle payments and financial transactions for millions of Egyptians.
Source: Zawya
