Co-founded with Misr Capital, the new fund will primarily serve individual retail investors, a feat only possible thanks to Fawry’s expansive retail presence across Egypt.
A pioneering regional fintech platform, Fawry had quite a year in 2021, taking center stage in the MENA region’s burgeoning tech ecosystem. The Egypt-based e-payments company is entering 2022 set on tackling a new issue, the Egyptian debt market. Thanks to regulatory support from the FRA and the efforts of the Egyptian government, the market continues to grow and is ripe for investment. In partnership with Misr Capital, the investment banking arm of Banque Misr and one of MENA’s largest mutual fund investment managers, Fawry is launching ‘Fawry Yawmy’, a money market fintech-based investment fund. This new fund will primarily serve individual retail investors, a feat only possible thanks to Fawry’s expansive retail presence across Egypt.
The fund is in line with Egypt’s rapidly-evolving digital transformation strategy and the national push for financial inclusion. Aimed at facilitating new retail investors to the debt market, ‘Fawry Yawmy’ has a low minimum investment of EGP 500, with the purchase and redemption phase scheduled for Jan 30, 2022. The service will be made available to all consumers via the myfawry app later this year.
Ashraf Sabry, CEO and Founder of Fawry for Banking Technology and Electronic Payments commented, “The fund wholly relies on financial technology, a first-time for a mutual fund in MENA. Furthermore, it serves retail investors with ease using Fawry’s technological infrastructure, expansive geographical and digital presence – whether through more than 160 Fawry Plus branches or more than 250,000 points of sale across Egypt.”
This is Fawry’s first ever fund and the second fund co-sponsored by Misr Capital. It is also the eighth fund classified under the debt instruments category.