Cairo, Egypt: Fawry (the “Company,” FWRY.CA on the Egyptian Exchange), Egypt’s leading e-payments solutions provider, announced today that its subsidiary Fawry Microfinance has launched the Tamweelak Fawry mobile app. Tamweelak Fawry is a digital loan request and tracking tool designed to simplify the financing process for existing micro and small businesses by allowing them to apply for loans at the time and place of their convenience. The launch of the Tamweelak Fawry app marks yet another milestone in Fawry Microfinance’s efforts to achieve digital transformation The launch of the app also meets the Company’s promise of expanding financial inclusion in Egypt by offering loans for small businesses at a reasonable cost and with a sustainable approach.
Tamweelak Fawry’s intuitive interface provides seamless registration and loan request processes, eliminating the need for time-consuming branch visits. Instead, users can obtain and repay their loans in just a few easy steps. Meanwhile, product descriptions on the app will provide users with clear terms and conditions designed to maximize service transparency. In addition, the application offers an intelligent loan calculator to help users find the most suitable product for their business needs, with optimal installment schedules making for a uniquely flexible loan request process. Such features make the app an indispensable tool for a large segment of Egypt’s business ecosystem.
Several application features are designed to mitigate business risk and promote healthy financial practices. The app offers automatic reminders for upcoming installments and instant updates on the loan’s outstanding balance, helping ensure that due payments are never missed. Fawry’s industry-leading multifactor authentication system and best-in-class cybersecurity standards ensure that only owners can access their accounts. At the same time, the Company’s close conformance to FRA regulations guarantees maximum protection for financial and user data.
Commenting on the launch of the application, Fawry Microfinance’s Chief Executive Officer, Alexander Levchenko, said: “We are thrilled to introduce the Tamweelak Fawry app to the Egyptian market. The app marks yet another milestone in our efforts to create a digitalized platform for the market and drive financial inclusion by creating and distributing the most convenient financial tools. With Tamweelak Fawry, we’re one step closer to providing the benefits of accessible, fast, and secure financing for smaller projects in a way that guarantees maximum protection for businesses and individuals, while contributing to the social mission of achieving sustainable growth.”
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About Fawry for Banking Technology and Electronic Payments
Founded in 2008, Fawry is the largest e-payment platform in Egypt serving the banked and unbanked population. Fawry’s primary services include enabling electronic bill payments, mobile top-ups and provisions for millions of Egyptian users. Other digital services also include e-ticketing, cable TV, and a variety of other services. Through its peer-to-peer model, Fawry is enabling corporates and SMEs to accept electronic payments through a number of platforms including websites, mobile phones, and POSs. With a network of 36 member banks, its mobile platform and nearly 296 thousand agents, Fawry processes more than 3 million transactions per day, serving an estimated customer base of 45 million users monthly. Learn more at www.fawry.com.
Learn more at www.fawry.com
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