Egyptian e-payments company Fawry is discussing licensing and certification opportunities in the Saudi market with Saudi Payments, the operator of the country’s national payment infrastructure.
The move aligns with the company’s expansion plans in the GCC region.
Fawry’s CEO, Ashraf Sabry, said: “The Kingdom of Saudi Arabia has a large and promising financial sector, characterised by strong competition in payments and high liquidity, which promotes competition and innovation among all market players.
“The new regulations laid out by the CBE on digital banking are also a welcome change and potentially present an attractive opportunity for Fawry to expand its service offering in Egypt. As a leader in innovative e-payment solutions in Egypt, Fawry will be able to unlock potential value for the Saudi market and its consumers.”
The talks are likely to conclude by the end of the year, Fawry said in a statement.
Fawry offers more than 1,186 financial services to consumers and businesses through more than 225,000 locations to pay bills and other services in multiple channels (online, using ATMs, mobile wallets and retail points).
The firm serves more than 29.3 million customers in Egypt, processing more than 3.06 million operations daily through its network.
Operated and managed by the Saudi Central Bank, the payment network, also known as Mada, aims to encourage innovation and strengthen the financial sector in the country.
Earlier this month, Mada granted a gateway certification to Kuwaiti fintech firm Tap Payments.
According to Statista, transaction value in the Saudi digital commerce market is projected to reach $24.96 billion in 2023, growing at a compound annual growth rate of 14.06 per cent till 2027.
The number of users in the Saudi digital commerce market is expected to amount to 36.38 million by 2027.
