Misr Capital, the investment banking wing of Banque Misr – and Fawry – one of the leading fintech portals in Egypt and MENA, declared the release of the ‘Fawry Yawmy’ money market fund, an innovative fintech-centric investment fund co-sponsored by both Fawry and Misr Capital.
With a trivial preliminary investment ticket of EGP 500 (USD 31.83), Fawry Yawmy depends on Fawry’s up-to-date financial technology and its extensive retail existence to influence the biggest number of individual investors, upon opening the purchase and refurbishment phase planned on 30th January 2022.
Fawry Yawmy was released crucially to deliver to individual retail investors, an endeavour made probable via dependency on Fawry’s unparalleled geographical existence throughout Egypt – with over 160 Fawry Plus branches throughout Egypt and more than 250,000 Fawry PoS machines, and the service is most likely to be available between January 30th and February 7th, 2022 to all customers through the myfawry application.
CEO and Managing Director of Misr Capital, Khalil Al-Bawab, stated that the strategic collaboration between Misr Capital and Fawry, one of the pioneering Egyptian bodies with more than 30 million monthly consumers – is custom-made to deliver to retail investors. Additionally, he stated, that it complemented Misr Capital’s publicly declared strategy of developing the Egyptian debt market in collaboration with regulators and pioneering market players to present fresh investors to the market via innovative products, specifically as the market matured in light of the humongous regulatory underpinning from the FRA and the efforts led by the Government of Egypt.
Al-Bawab went on to elucidate that the alliance would also facilitate a comprehensive retail investment product that amalgamates easy accessibility and proven expertise. It influences Fawry’s colossal retail and digital presence – alongside its role in millions of Egyptian households – with Misr Capital’s track record as one of MENA’s biggest mutual fund investment managers.
The CEO and Founder of Fawry, Ashraf Sabry, stated that the financing is comprehensively dependent on fintech, a pioneer for mutual funds in MENA. Furthermore, it delivers to retail investors with affluence by utilizing Fawry’s tech infrastructure, extensive geographical and digital presence – whether via over 160 Fawry Plus branches or over 250,000 points of sale throughout Egypt.
Sabry stated that the fund’s notion, fabricated to principally deliver to individuals, resonates with Egypt’s swift digital transformation and the government’s efforts focussed towards broader financial inclusion. Additionally, Sabry stated that both firms have agreed to a low minimum investment amount of EGP 500, with no minimum or maximum amount subsequently to further simplify retail investors’ entry to the Egyptian debt market.
Who is Misr Capital
Misr Capital S.A.E is an investment firm instituted by Banque Misr. The firm’s principal aim is to fabricate value and sustainable investments. Additionally, Misr Capital has meticulously committed to profit the broader interests of the community in which it functions, via the investment of capital and business-fabrication support to enhance Egyptian business enterprises for generations to come.
Who is Fawry
Fawry is one of the pioneering Egyptian digital transformation and e-payments portals that has altered the concept of Omni-channel payment transactions in the MENA region over the past 10 years. Fawry delivers over 1,186 monetary services to customers and business enterprises via over 225,000 locations in an easy way to pay bills and other services in several channels (online, ATMs, retail points, and mobile wallets).
Fawry is one of the preferred portals for more than 29.3 million consumers in Egypt. Over 3.06 million operations are processed daily on the Fawry network. This swift market diffusion and consistent quality of service underpinned Fawry’s transaction volume surge to an outstanding EGP 81 billion (USD 5.16 billion) record in less than 11 years since its inception.