Source: company disclosure attached below
3 December 2024 – (Cairo, Egypt) Fawry (the "Company", FWRY.CA on the Egyptian Exchange), Egypt's leading epayments solutions provider, announced today that its fully owned subsidiary, Fawry MSME, has achieved a significant milestone with its BNPL (Buy Now, Pay Later) digital solution for Fawry merchants, “Alnota” Overdraft. Since the beginning of the year, Fawry has onboarded over 50,000 merchants to its service, facilitating 750k transactions with a total value of EGP 2 billion. This innovative solution digitally connects merchants with their suppliers, and stands as Egypt’s first BNPL offering specifically designed for merchants. The achievement underscores Fawry’s ongoing commitment to pioneering the embedded finance era and leveraging its robust network to cross-sell services and expand its platform.
“Alnota” Overdraft empowers merchants with an embedded digital limit directly accessible through their POS terminals at the payout stage. This digital facility supports merchants' working capital needs, offering a maximum limit of up to EGP 150k. Merchants can utilize the limit for a predefined range of Fawry services, and supplier payments. The onboarding process is free, and the product delivers a fully digital, seamless and convenient experience, transforming Bill payments and B2B transactions into short-term loans with maturities ranging from 3 to 15 days.
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