Fawry's 2024 revenue dramatically increases by 68%, reaching EGP 5.5 Billion, while net profit surges by 125%
Egyptian payments company Fawry has announced significant growth in its Banking Services and Financial Services segments, marking a strategic shift away from its traditional Alternative Digital Payments (ADP) business.
In 2024, Banking Services contributed a staggering 46.9% to Fawry's overall revenue increase, with Financial Services revenues surging 137.7% year-on-year. This diversification reflects Fawry’s strategic shift to embed financial solutions deeper into the banking sector and broaden its fintech footprint.
Banking Services likely include digital payments integration, POS deployments, and partnerships with banks to facilitate various financial transactions. For example, Fawry’s recent strategic partnership with Emtelaak Dahab aims to integrate digital payment solutions into fractional real estate ownership payments and property-related transactions.
Fawry reported revenues of EGP 5.51 billion ($121.6 million) for fiscal year 2024, a 68.4% increase in local currency and 14% in USD. The company's net profit soared 124.6% to EGP 1.61 billion ($35.5 million) with a record net margin of 29.2%.
The expansion of Fawry's loan portfolio was a major factor in the growth of its Financial Services segment. By Q1 2025, the portfolio had grown 2.5 times to EGP 3.7 billion ($81.2 million).
Fawry is also planning to launch "Fawry Business" to provide integrated digital solutions for businesses of all sizes, catering to SMEs and large enterprises. The company's total throughput value increased 72.9% to EGP 601.7 billion ($13.3 billion) in 2024, supported by a 12.4% expansion in its retail network to 372,400 POS terminals.
The cumulative downloads of Fawry's myFawry app increased by 42.5% to 17.34 million in 2024, while the annualized throughput of the app grew 237.9% to EGP 26.8 billion ($591.5 million) in the same year.
Despite the shift in focus, Fawry's Alternative Digital Payments business still played a significant role, growing 34.7% year-on-year in 2024. The number of transactions processed by Fawry increased by 20% to 1.93 billion in 2024.
This transformation positions Fawry not just as a payment processor but as a comprehensive fintech ecosystem participant focused on digital banking, embedded finance, and financial service innovation in Egypt. The company's EBITDA margin was 49.9% in 2024, representing the highest since the company's inception.
In conclusion, Fawry's strategic move into Banking Services and Financial Services has paid off, with significant growth across all key metrics. The company's focus on partnerships, digital solutions, and financial innovation is a testament to its commitment to Egypt's wider digital transformation goals.
In light of the strategic shift, Fawry's focus on Banking Services and Financial Services has led to a surge in revenues, with Banking Services contributing nearly half of the overall revenue increase in 2024. The expansion of Fawry's loan portfolio and the planned launch of Fawry Business, offering integrated digital solutions for businesses, further underscores Fawry's commitment to a broader presence in the technology-driven business sector.
