Fawry, Egypt’s leading banking and payment technology services company, today announced the launch of its nation-wide electronic bill payment and presentment (EBPP) network to support the growing demand by Egyptians for advanced bill payment facilities, and bringing Egypt to the forefront of e-payment technology.
The Fawry network and service of the same name, enables Egyptians to conveniently receive all their bills and pay them securely through a single, unified electronic network that is integrated with existing Bank payment channels such as online banking systems, ATM machines, mobile banking systems, call centers and Integrated Voice Response (IVR) systems.
“The Fawry service has been launched in line with the government initiatives to promote e-services and the Central Bank initiative to build, regulate and promote electronic small value payments to transform Egypt into an information economy which is underpinned by advanced electronic services that will change the way Egyptians have traditionally dealt with day to day functions,” said Ashraf Sabry, Fawry CEO. “Today, we are witnessing a dynamic shift towards the adoption of electronic services in Egypt such as the national identity card, driver’s license issuance and other e-government services. Fawry services are part of this framework and will contribute to adding more services to the portfolio of e-services.
Fawry service can immediately be used by Egyptians to receive and pay their bills electronically among an ever growing list of billers and supporting banks. Consumers can already use Fawry for bill presentment and payment for telecommunications services including Etisalat, Mobinil, and Vodanfone.
Additionally, Fawry has been contracted by Telecom Egypt, Link DSL, TE-Data and Commercial International Life Insurance Company “CIL” and will avail their services in Q1 2010.
Banking institutions already engaged with the Fawry network include Bank of Alexandria, Banque du Caire, and Banque Misr, Arab African International Bank, Credit Agricole Egypt, Commercial International Bank, as well as the National Bank of Egypt.
“The success of Fawry is driven by the adoption of a large number of billers and banks to ensure that the largest part of the Egyptian population can benefit from Fawry,” said Magda Habib, chief commercial officer at Fawry. “We are in the process of on-boarding a significant number of new members across a diversity of services ranging from social clubs to schools to utilities and insurance, ensuring that Egyptians are able to access and pay their bills across a wide range of services with ease and complete security through Fawry.”
The Egyptian bill payment market is estimated at EGP 70-80 Billion annually. Electronic EBPP services like Fawry enables these bills to be quickly and efficiently transacted through the banking sector which helps in the direction of a cashless society and strengthens the Egyptian economy. Another major impact on the economy by Fawry is increased productivity as Fawry eliminates the hassles and time needed to seek out bills and pay them, usually accompanied by long queues at bill inquiry and payment counters in addition to improving the efficiency in the collection and the turnover of corporate receivables.
A recent survey conducted by Ipsos Marketing Research for Fawry showed that the majority of respondents (94.5%) surveyed stated that they would like to see a service that allowed them to view, manage and pay all household bills from a single point of contact, while providing an annual record or history of paid bills and expected future bills.
84% of respondents prefer to delegate someone to pay for their telephone, mobile, utilities, satellite and Internet bills due to long queues and crowds at bill payment points. The survey showed that sending someone to pay electricity bills (60.3 %) and water bills (58.2%) was the preferred option as these were the most inconvenient for them to pay in person.
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