Fawry reports record 68.4% revenue growth in 2024, driven by banking services and digital expansion

Fawry, Egypt’s leading fintech firm, has announced exceptional financial results for the fiscal year 2024, cementing its position as a force in the region’s fintech landscape.

The company reported revenues of EGP 5.51 billion ($121.6 million), a robust 68.4% increase year-on-year in local currency terms. This is despite currency fluctuations reducing the growth to 14% in USD. Net profit soared by 124.6% to EGP 1.61 billion ($35.5 million), a 52% increase in USD terms, achieving a record-breaking net profit margin of 29.2%, the highest in the company’s history.

The stellar performance underscores the fintech’s successful diversification strategy, with its Banking Services segment emerging as the cornerstone of its growth. This segment alone accounted for 46.9% of the company’s revenue increase, highlighting its pivotal role in driving Fawry’s financial success.

Founder and CEO, Ashraf Sabry, hailed 2024 as a “landmark year,” emphasising the company’s unprecedented strides in both revenue and profitability.

“Our EBITDA margin of 49.9% represents the highest since the company’s inception,” Sabry noted in a statement, attributing the achievement to operational efficiency and strategic expansion.

Fawry’s total throughput value, a key indicator of transaction volume, surged by 72.9% to EGP 601.7 billion ($13.3 billion). This is bolstered by a 12.4% expansion in its retail network, which now includes 372,400 point-of-sale (POS) terminals across Egypt. It processed 1.93 billion transactions in 2024, a 20% increase from the previous year, reflecting its growing dominance in Egypt’s digital payments ecosystem.

Financial services section shines

Fawry’s Financial Services section stood out as a star performer, with revenues skyrocketing 137.7% year-on-year to EGP 1.01 billion ($22.3 million). This explosive growth was fuelled by the company’s rapidly expanding loan portfolio, which surged to EGP 3.1 billion ($68.4 million) by year-end, a 2.6-fold increase from 2023.

The company’s focus on lending and financial inclusion has tapped into Egypt’s underserved markets, positioning it as a key player in bridging the gap between traditional banking and digital solutions.

Meanwhile, Fawry’s consumer-facing myFawry app saw remarkable adoption, with cumulative downloads rising 42.5% to 17.34 million. The app’s annualised throughput grew 237.9% to EGP 26.8 billion ($591.5 million), underscoring its popularity among Egyptian consumers for bill payments, mobile top-ups, and other digital transactions. This growth reflects Fawry’s ability to leverage Egypt’s increasing smartphone penetration and demand for convenient financial tools.

While Fawry’s Alternative Digital Payments business, its original core offering, continued to grow by 34.7% year-on-year, its contribution to overall revenue declined from 38.8% in 2023 to 31.0% in 2024. This shift highlights the rapid expansion of newer segments like Banking Services and Financial Services, which are outpacing the legacy business in both scale and impact.

The company’s evolution into a comprehensive financial services ecosystem signals a strategic pivot aimed at long-term sustainability and market leadership.

Fawry Business launch

Looking ahead, Fawry is poised to further solidify its market position with the upcoming launch of “Fawry Business,” a suite of integrated digital solutions tailored for businesses ranging from small and medium enterprises (SMEs) to large corporations. The initiative aims to streamline payment processing, financial management, and operational efficiency for Egyptian businesses, capitalising on the country’s growing digital transformation wave.

Details on the launch timeline and specific offerings remain forthcoming, but analysts anticipate it will reinforce Fawry’s role as a one-stop financial partner.

Fawry’s 2024 results come amid Egypt’s evolving economic landscape, marked by significant currency depreciation. The Egyptian pound weakened from an average exchange rate of 1 USD = 30.68 EGP in 2023 to 1 USD = 45.32 EGP in 2024, impacting USD-denominated growth figures. Despite this, Fawry’s ability to achieve double-digit growth in USD terms, 14% in revenue and 52% in net profit, demonstrates its resilience and adaptability in a challenging macroeconomic environment.