Egyptian tech tycoon Ashraf Sabry’s Fawry posts $31.8 million profit in 2024

Key Points

• Egypt’s 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.
• Fawry’s “myFawry” app processed $529 million in transactions, solidifying its role in Egypt’s cashless economy.

Fawry for Banking Technology and Electronic Payments (Fawry), Egypt’s largest fintech firm led by Ashraf Sabry, has posted its strongest financial results yet—reporting a net profit of more than $30 million for 2024. The company’s performance reflects its dominant position in Egypt’s digital payments sector and the country’s growing shift toward cashless transactions.

According to its consolidated financial results, Fawry’s 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 Egypt’s most profitable businesses.

Revenue growth fueled by banking and financial services

Fawry’s 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 company’s 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 transactions

Fawry’s flagship “myFawry” app has become a key player in Egypt’s 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 company’s growing influence in digital financial services.

Fawry strengthens position in digital payments

Since its launch in 2008, Fawry has grown into one of Africa’s leading fintech firms, backed by major investors, including the National Bank of Egypt, Banque Misr, Alpha Oryx UAE, the Egyptian American Enterprise Fund, and Link Holdco. CEO Ashraf Sabry also holds a 2.345 percent stake, equivalent to 40,036,282 shares.

With Egypt’s fintech sector rapidly expanding, Fawry is focused on strengthening its position through technology investments, strategic partnerships, and new product innovations. As digital payment adoption continues to accelerate, the company is well-positioned to drive financial inclusion and shape the future of Egypt’s financial ecosystem.