Fawry, an Egyptian payments provider, is considering launching a digital bank by the end of 2023. The company plans to turn its online payment portal, myFawry, into a digital bank offering financial services such as payments, consumer lending, savings, and investments. However, Fawry's head of investor relations clarified that the decision is not yet finalized and will be concluded by the end of the year or early next year. The move comes after the Central Bank of Egypt issued rules for licensing and supervising digital banks. Fawry aims to diversify its revenue streams and expand its offerings to tap into various segments of the Egyptian market. The company reported significant growth in revenue and transactions in its H1 2023 financial report.
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