Fawry partners with Contact to broaden BNPL services in Egypt
Press release:
Fawry, Egypt's leading fintech company, has signed a strategic agreement with Contact Financial Holding, Egypt's leading non-banking financial services provider, to broaden their partnership by integrating Contact's Buy Now, Pay Later (BNPL) service into Fawry's vast payment network, which includes over 370,000 POSs and its online platform.
Under this partnership, Fawry's integrated digital payment solutions will be available to Contact's customers, offering them convenient and diverse options to pay in installments and finance their purchases with ease. This partnership goes beyond the "Buy Now, Pay Later" (BNPL) service, extending to various fintech areas, including electronic payment solutions, bill collection, and more, enhancing the integration of services provided. Additionally, this collaboration aligns with Egypt's digital transformation strategy by reducing reliance on cash transactions and promoting financial inclusion.
Heba El Awady, Chief Business Officer – Acceptance, added: "We have a strategic vision to strengthen collaboration with reputable institutions and major companies that share Fawry's values in promoting financial inclusion and supporting the state's digital transformation efforts. The partnership with Contact aims to facilitate and expand financial services to reach more sectors, providing our customers with greater flexibility and more options. The BNPL service is designed to make it easier and safer for customers to access the products and services they need in a convenient and secure manner.
Ghada Tayel, Head of Products & Business Development at Contact Financial Holding, stated, Expanding our partnership with Fawry reflects our commitment to providing innovative financing solutions that meet our customers' needs. By offering more efficient and flexible payment options through Fawry's extensive network of merchants across various governorates, we enhance our geographical reach and expand our presence nationwide, enabling access to a broader customer base."
This collaboration reinforces the shared commitment of Contact and Fawry to offering an integrated suite of digital payment solutions that align with the evolving needs of the Egyptian market. By promoting financial inclusion, streamlining and securing digital transactions, and reducing reliance on cash, the partnership enhances the overall efficiency of Egypt's digital payments infrastructure while delivering a seamless and customer-centric payment solution for both individuals and merchants.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Roya News
3 days ago
- Roya News
Australian engineer freed from Iraqi prison after four years
After spending more than four years in an Iraqi prison, Australian engineer Robert Pether has been granted a conditional release — a development welcomed by his family and supporters. Pether, 50, was arrested in 2021 alongside a colleague over a contract dispute involving their employer, CME Consulting, and the Central Bank of Iraq. The pair were later convicted of fraud and sentenced to five years in prison and a USD 12 million fine. However, the UN has described Pether's detention as arbitrary and in violation of international law, while a 2022 ruling by the International Chamber of Commerce found the Iraqi central bank to be at fault in the business dispute. Pether's wife, Desree, who lives in Ireland with the couple's family, described the news as a moment of mixed emotions. 'It's the first time in over four years that we've taken one step in the right direction,' she told the BBC. 'There's a tiny glimmer of hope, but there's another mountain still to go over. He needs to be home and in hospital.' According to Desree, her husband is in poor health after years of incarceration. He is unable to keep food down and has reportedly not eaten properly in months. She also raised concerns that he may be suffering a relapse of skin cancer. 'He's unrecognisable. If he got on a plane now and they were checking his passport, they would not know it was the same person,' she said. Although freed from prison, Pether is still facing legal proceedings in Iraq and remains under a travel ban. The family has now launched a crowdfunding campaign in the hopes of securing private hospital treatment for him in Baghdad. Australian Foreign Minister Penny Wong described the release as a "positive development" following years of advocacy. "I know the personal toll Mr Pether's detention has taken on him and his family and hope this news brings a measure of relief after years of distress," she said, adding that Australia remains concerned about his health and the unresolved legal matters. Ireland's Deputy Prime Minister Simon Harris also welcomed the news, saying that Iraq's Foreign Minister had personally confirmed Pether's release in a phone call. 'I welcomed this as a first step to his being allowed to return to his family in Roscommon,' Harris said. Pether had been living in County Roscommon prior to his arrest and had spent nearly a decade working in the Middle East. He was leading a major reconstruction project for the Central Bank's Baghdad headquarters when he and his Egyptian colleague Khalid Radwan were detained.
Wamda
28-05-2025
- Wamda
Valu prepares EGX debut after securing 25% market share in consumer finance
Egypt's buy now pay later (BNPL) fintech Valu has announced its intention to list on the Egyptian Exchange (EGX) following an in-kind dividend distribution by parent company EFG Holding. Valu's shares were officially listed on 21 May 2025, and trading is expected to commence the week of 22 June 2025, pending regulatory approvals. valU, founded in 2017, is a subsidiary of EFG Hermes Holding that provides a buy now pay later (BNPL) service with a presence in Egypt and Saudi Arabia. Valu claims to have recorded EGP 3.1 billion in gross revenue and EGP 423 million in net profit for FY 2024. Press release: U Consumer Finance S.A.E. ('Valu'), the leading universal financial technology powerhouse in Egypt, announced today its intention to proceed with the trading of its shares on the Egyptian Exchange (the 'EGX'), following the completion of an in-kind dividend distribution* by EFG Holding S.A.E. ('EFG Holding') (the 'Dividend Distribution'). Valu was listed on the EGX on 21 May 2025 (the 'Listing', and together with the Dividend Distribution, the 'Transaction'). Valu's shares will be admitted to trading on the EGX following registration with the Egyptian Financial Regulatory Authority (the 'FRA'), the completion of the dividend distribution, and the ratification of the trading disclosure report by the FRA. The dividend distribution was approved by the Ordinary General Assembly meeting of the shareholders of EFG Holding on 24 May 2025 (the 'OGM'). The OGM approved the utilisation of EGP 335,322,346 out of the distributable retained earnings of EFG Holding, which figure is based on the financial statements of EFG Holding for the financial year ending on 31 December 2024, for the purposes of an in-kind dividend distribution (in lieu of a cash dividend distribution) to the shareholders of EFG Holding in the form of shares in the share capital of Valu, which shares represent 20.488% of the share capital of Valu. The dividend distribution is based on Valu's book value according to the consolidated financial statements for the financial year ending on 31 December 2024. The ratio of the number of Valu shares that will be allocated to the shareholders of EFG Holding is 1 Valu share per 3.3273 EFG Holding shares (with fractional shares allocated to minority shareholders). As announced earlier today, EFG Holding has determined that the record date is set for 12 June 2025 for the owners of shares of EFG Holding and the purchasers of shares of EFG Holding as of the end of the trading session held on Thursday, 12 June 2025, who accordingly will become direct shareholders in Valu after completing the necessary procedures. The commencement of trading on the Valu shares on the EGX is expected to take place during the week commencing on 22 June 2025, subject to receipt of the relevant regulatory approvals. Valu and EFG Holding engaged EFG Hermes Promoting and Underwriting S.A.E. to act as sole financial advisor in connection with the transaction and Zulficar & Partners to act as legal counsel. EFG Holding also engaged Gibson, Dunn & Crutcher LLP to act as legal counsel to EFG Holding in connection with the international aspects of the transaction. Commenting on the listing, Walid Hassouna, Valu's Chief Executive Officer, said, "This listing marks a significant milestone in Valu's journey and is a testament to the disruptive and positive impact we have made in the market as one of the leading fintech players in the MENA region and Egypt's leading fintech platform. With the full backing of our parent, EFG Holding, we're unlocking new value for our customers and shareholders and accelerating our mission to democratise access to finance in the region.'
Wamda
27-05-2025
- Wamda
Qatar's PayLater receives strategic investment from LuLu AI
Qatar-based fintech PayLater has secured a "strategic" investment from LuLu Alternative Investments (LuLu AI), the investment arm of LuLu Financial Holdings. PayLater, founded in 2023 by Mohammed Al-Delaimi and Khalifa Saleh Al Haroon, is the first company to be licensed by the Qatar Central Bank to offer Buy Now, Pay Later (BNPL) services, providing secure and flexible installment-based and interest-free payment options to customers. The partnership brings LuLu AI's regional scale, capital, and fintech expertise to PayLater, enabling the startup to deepen its product offering and scale operations. Press release: LuLu AI, the investment arm of LuLu Financial Holdings, has announced a strategic investment in PayLater Qatar, one of the first licensed Qatari providers of Buy Now, Pay Later (BNPL) and embedded finance solutions. This investment marks LuLu AI's first into the Qatari financial ecosystem and aligns with its broader vision of building a connected network of next-generation financial service providers across emerging markets. PayLater is a Qatar-based fintech innovator offering Buy Now, Pay Later (BNPL) solutions designed to make everyday purchases more accessible, affordable, and empowering. The company recently achieved a significant milestone by becoming the first recipient of a BNPL license from the Qatar Central Bank. 'LuLu AI is more than just an investment portfolio — we are shaping a future where financial services are intelligent, inclusive, and deeply human-centric,' said Adeeb Ahamed, Managing Director of LuLu Financial Holdings. 'Every investment we make is a step toward empowering individuals and businesses with tools that simplify life and unlock opportunity and inclusivity. PayLater embodies this ethos, and we are pleased to be part of their mission to drive accessible and responsible financial solutions.' 'This partnership with LuLu AI marks a major business milestone for us at PayLater. It's a shared belief in the future of responsible, flexible finance in Qatar,' said Mohammed Al-Delaimi, Co-Founder & Managing Director of PayLater. 'LuLu AI brings regional scale and experience, and together, at PayLater, we're committed to building solutions that empower both consumers and merchants, while reinforcing Qatar's position as a fintech hub in the region.' LuLu Alternative Investments was established to identify and back high-impact ventures that are solving real-world challenges in financial access, liquidity, compliance, and consumer experience. Its core thesis lies in leveraging capital to unlock capability — ensuring that startups have the runway to scale, the guidance to navigate regulatory landscapes, and the opportunity to collaborate across a trusted global network. By supporting firms like PayLater, LuLu AI is championing an inclusive and innovation-first approach to the digital economy.
