Fawry for Banking Technology and Electronic Payments (FWRY) announced its earnings for the first half of the financial year 2024, reporting a remarkable 122% increase in net profit after non-controlling interest, reaching EGP 628 million, compared to EGP 283 million in the same period last year.
Data Source: Fawry Earning Release to EGX for 1H2024, Attached Below
The earnings release highlighted several points relevant to our previous TECH Review: My Fawry + YellowCard, which we’d like to share with you:
Key Highlights:
App Downloads: Cumulative downloads of Fawry’s consumer-facing myfawry mobile application increased by 37.9% year-on-year, reaching 14.5 million as of 1H2024, compared to 10.5 million downloads in 1H2023. The app continues to serve as a unified hub for bill payments, promotions, and various services.
NeoBank: The earnings disclosure stated that the MyFawry app is progressing towards becoming a comprehensive Neobank through its integration of services, including its role as a unified hub for bill payments, promotions, and diverse services. With the incorporation of prepaid cards, Buy Now Pay Later (BNPL) options, and Money Market Fund offerings last year, MyFawry continues to expand its financial service capabilities.
Transaction Growth: The myfawry app’s annualized transaction value stood at EGP 13.2 billion in 1H2024, a significant year-on-year increase of 150.0% from EGP 5.3 billion in 1H2023. This growth reflects the accelerated adoption of digital payment methods among Egyptian consumers, driven by increased internet and smartphone usage and enhanced financial inclusion nationwide.
Data Source: Screenshot from the earning report about the NEOBank
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