Egyptian Tech Tycoon Ashraf Sabry's Fawry Posts 31.8 Million Profit In 2024
- Egypts top fintech firm reported a 124.6 increase in net profit to 31.77 million in 2024, driven by digital payments growth
- Total revenue hit 109.01 million, fueled by banking partnerships, SME lending expansion, and soaring demand for financial services.
- Fawrys myFawry app processed 529 million in transactions, solidifying its role in Egypts cashless economy.
Fawry for Banking Technology and Electronic Payments Fawry, Egypts largest fintech firm led by Ashraf Sabry, has posted its strongest financial results yetreporting a net profit of more than 30 million for 2024. The companys performance reflects its dominant position in Egypts digital payments sector and the countrys growing shift toward cashless transactions.
According to its consolidated financial results , Fawrys net profit surged by 124.6 percent, climbing from EGP715.34 million 14.15 million in 2023 to EGP1.61 billion 31.77 million in 2024. This substantial growth cements its standing among Egypts most profitable businesses.
Revenue growth fueled by banking and financial servicesFawrys impressive profit increase was driven by a 68.4 percent jump in total revenue, which reached EGP5.51 billion 109.01 million in 2024, up from EGP3.27 billion 64.71 million the previous year. This surge was fueled by the expanding adoption of digital payments across Egypt and the companys continued push into banking and financial services.
Revenue from banking services soared 83.3 percent year-over-year as Fawry strengthened its partnerships with banks, MSMEs, and large corporations. Meanwhile, its financial services segment saw even stronger growth, with revenue rising 137.7 percent, supported by the rapid expansion of SME lending and its Buy Now, Pay Later BNPL offering.
Rapid growth in digital transactionsFawrys flagship myFawry app has become a key player in Egypts digital finance landscape, offering services such as prepaid cards, BNPL, and the Fawry Yawmy Money Market Fund. Transaction volumes through the app tripled in the past year, reaching EGP26.8 billion 529 million, highlighting the companys growing influence in digital financial services.