Riyadh - Sharikat Mubasher: Fawry, Egypt’s leading e-payment solutions provider, submitted a request to obtain a ‘Major Payment Institution’ license from the Saudi Central Bank (SAMA) to expand into the Saudi market, according to Chief Executive Officer Ashraf Sabry.
The Major PI license will enable Fawry to provide all financial services, excluding lending, Sabry revealed in an interview with Asharq Bloomberg.
He said that Fawry sees significant growth opportunities from the transactions of Egyptians residing in Saudi Arabia and their families in Egypt, as well as in the small and medium enterprises (SMEs) sector in the Kingdom.
Fawry aims to bring its SME solutions to the Saudi market, according to Sabry, who affirmed that the company’s expansion strategy beyond Egypt is centered on establishing partnerships with companies or individuals in target markets, rather than acquiring existing companies.
In 2023, the Egyptian fintech company entered into preliminary discussions with SAMA regarding licensing and certification opportunities in the Saudi market, given that the Kingdom has a large, promising financial sector, characterized by strong competition in payment and high liquidity.
