Fawry, Egypt’s leading digital payment and financial services platform, has announced a strategic partnership with FORSA, a prominent Buy Now Pay Later (BNPL) provider. This collaboration will enable consumers to access convenient BNPL services directly through Fawry’s vast network of Point of Sale (POS) machines, marking a significant step towards enhancing financial inclusion and digital payment adoption across Egypt.
By the Numbers
- 250,000+ Fawry POS machines available nationwide.
- 36 million+ customers served monthly by Fawry.
- 6,500+ Fawry agents across Egypt.
A Strategic Alliance for Digital Inclusion
The partnership leverages Fawry’s unparalleled reach and robust infrastructure, encompassing over 250,000 POS machines and serving more than 36 million customers monthly, with FORSA’s innovative BNPL solutions. This integration allows customers to split their purchases into convenient installments directly at the point of sale, bypassing traditional credit card requirements and expanding access to credit for a broader segment of the population, including those who are unbanked or underbanked.
The initiative is set to benefit various sectors, including electronic retailers, furniture stores, and home appliance merchants, by providing their customers with flexible payment options. This, in turn, is expected to drive increased sales and customer loyalty for businesses of all sizes, particularly Micro, Small, and Medium Enterprises (MSMEs).
Empowering Consumers and Merchants
The collaboration aims to address the growing demand for flexible payment solutions in the Egyptian market. By offering BNPL services via a familiar and accessible channel like Fawry’s POS network, the partnership simplifies the purchasing process for consumers, making essential goods and services more affordable. For merchants, it opens new avenues for growth by attracting a wider customer base and facilitating higher transaction values. This model aligns with global trends in digital payments, where BNPL is rapidly gaining traction as a preferred payment method for its convenience and accessibility.
Regulatory Compliance and Market Impact
This initiative operates within the regulatory framework established by the Central Bank of Egypt (CBE) for consumer finance. FORSA, as a regulated BNPL entity, ensures that all transactions adhere to the highest standards of transparency, consumer protection, and responsible lending. The partnership is poised to contribute significantly to Egypt’s broader financial inclusion agenda, supporting the transition towards a cashless economy and fostering digital transformation across various economic sectors.
About Fawry
Fawry is a leading Egyptian company specializing in electronic payments and financial services. Established in 2008, Fawry revolutionized the payment landscape in Egypt by enabling individuals and businesses to pay bills, transfer money, and conduct various financial transactions through a widespread network of retail outlets, ATMs, mobile applications, and online channels. Fawry is publicly listed on the Egyptian Exchange (EGX) and continues to drive innovation in the fintech space, serving millions of customers monthly.
About FORSA
FORSA is a prominent Buy Now Pay Later (BNPL) provider in Egypt. The company offers flexible installment payment solutions to consumers, enabling them to make purchases and pay over time without traditional credit barriers. FORSA partners with a diverse range of merchants across various industries, contributing to increased affordability and accessibility of goods and services for Egyptian consumers.
Looking Ahead
The partnership between Fawry and FORSA signifies a critical milestone in the evolution of Egypt’s digital payments ecosystem. It underscores the commitment of leading fintech players to innovate and expand access to modern financial services, directly contributing to the nation’s digital transformation goals. As more consumers embrace flexible payment options, this collaboration is expected to further catalyze the growth of e-commerce and digital transactions, cementing Egypt’s position as a dynamic hub for fintech innovation in the MENA region.
Source: Zawya
