Fawry, Egypt’s leading fintech company, has signed a strategic agreement with Contact Financial Holding, Egypt’s leading non-banking financial services provider, to broaden their partnership by integrating Contact’s Buy Now, Pay Later (BNPL) service into Fawry’s vast payment network, which includes over 370,000 POSs and its online platform.
Under this partnership, Fawry’s integrated digital payment solutions will be available to Contact’s customers, offering them convenient and diverse options to pay installments and finance their purchases with ease. This partnership goes beyond the “Buy Now, Pay Later” (BNPL) service, extending to various fintech areas, including electronic payment solutions, bill collection, and more, enhancing the integration of services provided. Additionally, this collaboration aligns with Egypt’s digital transformation strategy by reducing reliance on cash transactions and promoting financial inclusion.
Heba El Awady, Chief Business Officer -Acceptance, added: “We have a strategic vision to strengthen collaboration with reputable institutions and major companies that share Fawry’s values in promoting financial inclusion and supporting the state’s digital transformation efforts. The partnership with Contact aims to facilitate and expand financial services to reach more sectors, providing our customers with greater flexibility and more options. The BNPL service is designed to make it easier and safer for customers to access the products and services they need in a convenient and secure manner.
Ghada Tayel, Head of Products & Business Development at Contact Financial Holding, stated:”Expanding our partnership with Fawry reflects our commitment to providing innovative financing solutions that meet our customers’ needs. By offering more efficient and flexible payment options through Fawry’s extensive network of merchants across various governorates, we enhance our geographical reach and expand our presence nationwide, enabling access to a broader customer base.”
This collaboration reinforces the shared commitment of Contact and Fawry to offering an integrated suite of digital payment solutions that align with the evolving needs of the Egyptian market. By promoting financial inclusion, streamlining and securing digital transactions, and reducing reliance on cash, the partnership enhances the overall efficiency of Egypt’s digital payments infrastructure while delivering a seamless and customer-centric payment solutions for both individuals and merchants.