Cairo – Mubasher: Fawry for Banking Technology and Electronic Payments announced that its subsidiary, "Fawry Consumer Finance," has received initial approval from the Financial Regulatory Authority (FRA) to add factoring activity to its business operations.
The company explained in a statement today, Sunday, that this approval comes within the framework of its long-term strategy for growth and diversification of revenue streams, aiming to enhance its presence in the non-banking financial services sector in Egypt.
Following the receipt of the final license, Fawry aims to provide factoring solutions that contribute to expanding the scope of financing availability for companies, assisting them in meeting their working capital needs and managing their cash flows more efficiently.
This expansion relies on the company's growing financing capabilities, as its financing portfolio directed to micro, small, and medium enterprises (MSMEs) has exceeded EGP 3.5 billion.
The company targets offering factoring solutions that enable eligible enterprises to convert their outstanding customer receivables into cash liquidity, thereby contributing to meeting their financing needs and supporting financial inclusion efforts in Egypt.
