Latest news with #Fawry
See - Sada Elbalad
09-07-2025
- Business
- See - Sada Elbalad
Electricity Min. Turns to Cash Payments After Ramses Telecom Fire Disrupts Prepaid Meters
Taarek Refaat In the wake of the Ramses Central Telecommunications Center fire, Egypt's Ministry of Electricity and Renewable Energy has announced emergency measures to ensure continued access to prepaid electricity meter services, which were partially disrupted due to the outage of internet and telecom systems. According to senior ministry officials, the fire caused a temporary shutdown of backend systems linked to telecom providers, affecting electronic recharging and online payment capabilities for electricity meters across several regions. Emergency Protocols Activated In response, the Ministry has begun encouraging customers to use cash payments at authorized points of sale and has coordinated with "Fawry", a leading e-payment platform, to extend working hours and enhance service availability for prepaid meter users. 'The disruption was not widespread, but it did impact a number of customers who rely on mobile apps or online platforms for meter top-ups,' a ministry source said. 'We have deployed technical teams to receive complaints and offer immediate solutions where possible.' Ministry Deploys Response Teams The Ministry confirmed that emergency response teams have been dispatched across governorates to handle customer complaints and ensure the continuity of services. Additional staff have been placed on call, and operating hours have been extended at several electricity distribution branches. Meanwhile, electricity supply across the country remains stable, with no reported outages resulting from the telecom incident. Digital Dependency Exposed The fire at the Ramses Central exchange has exposed a critical dependency on digital infrastructure, especially for sectors like utilities that have increasingly adopted smart systems and e-payments. Analysts warn that redundant systems and offline backup solutions are necessary to avoid paralyzing public services during unexpected digital failures. Looking Ahead The Ministry of Electricity is currently working with telecom providers to restore full digital functionality and is reviewing its digital resilience plans in light of the incident. Customers are advised to use in-person or cash-based recharging options temporarily until full services are restored. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Zawya
25-06-2025
- Business
- Zawya
Egypt: Fawry records trading transaction on EGX for ESOP
Arab Finance: Fawry for Banking Technology and Electronic Payment registered a trading transaction valued at EGP 302,374, the Egyptian Exchange (EGX) announced on June 24 th. The transaction was implemented on Fawry's 53,048 shares as part of the employee stock ownership plan (ESOP). On June 17 th, the EGX-listed company witnessed a trading transaction worth EGP 19.915 million as part of the ESOP. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
23-06-2025
- Business
- Zawya
Contact reports 306% higher consolidated net income in Q1-25
Cairo: Contact Financial Holding achieved consolidated net income worth EGP 59 million in the first quarter (Q1) of 2025, marking an annual leap of 306% from EGP 14 million. Meanwhile, the insurance revenues hiked by 73% year-on-year (YoY) to EGP 619 million as of 31 March 2025 from EGP 357 million, according to the financial statements. The total operating income rose by 30% to EGP 475 million in Q1-25 from EGP 365 million during the January-March period of 2024. The group's gross written premiums (GWPs) surged by 54% YoY to EGP 1.07 billion in the first three months (3M) of 2025 from EGP 696 million. Standalone Results The non-consolidated net losses of Contact widened to EGP 12.17 million as of 31 March 2025 from EGP 3.85 million in Q1-24. The standalone loss per share increased to EGP 0.010 in Q1-25 from EGP 0.003 in the same period a year ago. The company's management commented: 'As we progress through 2025, we are confident that this positive momentum will continue, aided by stabilizing inflation, easing interest rates, and an overall improvement in economic conditions.' 'Our financing division delivered a resilient performance during the quarter, reflecting the positive impact of our strategic shift towards more profitable offerings,' it added. In March, Contact joined forces with Fawry to enable its buy now, pay later (BNPL) service across Fawry's payment network, backing Egypt's vision to accelerate digital transformation and expand financial inclusion.
Zawya
17-06-2025
- Business
- Zawya
Fawry sees $400,000 trading transaction on EGX for ESOP
Fawry for Banking Technology and Electronic Payment witnessed a trading transaction valued at EGP 19.915 million, the Egyptian Exchange (EGX) announced on June 17th. The transaction was executed on the company's issued 3.493 million shares as part of the employee stock ownership plan (ESOP). In the first quarter (Q1) of 2025, Fawry reported 97.13% year-on-year (YoY) higher consolidated profits attributable to the parent company at EGP 605.378 million, compared to EGP 307.089 million. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
29-05-2025
- Business
- Zawya
Fawry MSME Finance closes first securitized bond issuance at $10mln
Cairo – Fawry MSME Finance, a fully owned subsidiary of Fawry for Banking Technology and Electronic Payments, completed its first securitization issuance at a value of EGP 497.50 million, according to a press release. CI Capital served as the financial advisor, arranger, issuance manager, and bookrunner for the transaction, which aligns with the unit's objectives to support the growing demand for credit among Egypt's MSME sector. The bond issuance is approved by the Financial Regulatory Authority (FRA) and rated 'A-' by Middle East Ratings and Investor Services (MERIS). The offering was structured as a single tranche totaling EGP 497.50 million with a tenor of 13 months. Alexander Levchenko, CEO of Fawry MSME Finance, said: 'This securitization is a strategic step in our mission to scale our lending operations and provide greater access to finance for MSMEs across Egypt.' Amr Helal, CEO of the Investment Bank (Sell-Side) at CI Capital, noted: 'The success of this issuance reflects CI Capital's ongoing efforts to reinforce its leadership position in financial services, as well as its ability to develop capital ecosystem by bringing new clients to the debt markets.' Ashraf Sabry, CEO of Fawry, commented: "Achieving an A-rating from MERIS in our first issuance is a testament to the credibility of our underwriting practices and the strength of our portfolio. It also signals growing market confidence in the MSME lending space." As of 31 March 2025, FAWRY's net profits after tax and non-controlling interest (NCI) hiked by 97.10% year-on-year (YoY) to EGP 605.37 million from EGP 307.09 million.
