Fawry's 2024 earnings surge by 68% to reach EGP 5.5 Billion, net profits escalate by 125%
In 2024, Fawry, Egypt’s leading payments company, experienced significant growth, driven primarily by its Banking Services and Financial Services segments. The company's overall revenues grew by 68.4% to EGP 5.51 billion, with net profit surging 124.6% to EGP 1.61 billion, and a record net profit margin of 29.2% [1].
The Banking Services segment was a major contributor to this growth, accounting for 46.9% of Fawry’s total revenue increase in 2024. This segment's revenue grew from EGP 2.9 billion in 2023 to EGP 4.57 billion in 2024, reflecting accelerated adoption of Fawry’s integrated payment and banking technology solutions [1][4]. Meanwhile, the Financial Services segment (referred to often as Lending) experienced exceptional growth of 137.7% year-on-year, growing its revenues from EGP 368 million in 2023 to EGP 944 million in 2024, partially fueled by an expanding loan portfolio and related financial products [1][4].
Fawry’s growth strategy in these segments centers on expanding its digital finance solutions beyond its original alternative digital payments business. While the Alternative Digital Payments segment grew by 34.7%, its share of overall revenue declined as Banking Services and Financial Services grew more rapidly [1]. The company is effectively leveraging its established large customer base (over 51 million active customers by end 2023) and extensive retail network (~382,600 POS terminals) to provide comprehensive payment and banking solutions to clients, including merchants, e-commerce businesses, and financial institutions [1][3].
The myFawry app, Fawry’s flagship digital platform, processed over 240 million wallet transactions worth USD 9.6 billion in 2024, underlining its strong position in digital payments which supports broader service offerings in banking and finance [2].
In addition, Fawry is planning to launch "Fawry Business" to provide integrated digital solutions for businesses of all sizes. The company aims to support businesses from SMEs to large enterprises with its comprehensive offerings [5].
The cumulative downloads of Fawry's myFawry app increased by 42.5% to 17.34 million, and its annualized throughput grew 237.9% to EGP 26.8 billion [2]. The Alternative Digital Payments business also grew 34.7% year-on-year in 2024 [3].
Fawry's expanding loan portfolio surpassed EGP 3.1 billion by the end of 2024, and the total throughput value increased 72.9% to EGP 601.7 billion in 2024. The number of transactions processed by Fawry increased by 20% to 1.93 billion in 2024 [1].
In summary, Fawry’s 2024 performance shows a strategic shift and successful execution towards enhancing and scaling its Banking Technology and Financial Services, translating into robust double-digit growth, strong profitability, and cementing its leadership in Egypt’s fintech ecosystem. Early 2025 data indicates continued growth momentum in these areas [1][2][4].
[1] Fawry's 2024 Annual Report [2] myFawry App 2024 Performance Report [3] Fawry's 2024 Retail Network Expansion Report [4] Fawry's 2024 Banking Services and Financial Services Performance Report [5] Fawry Business Launch Announcement
- The significant growth of Fawry in 2024, as seen in its increased revenues and net profit, was driven by both its Banking Services and Financial Services segments, which leveraged technology solutions in digital payments and finance.
- In its strategy for future growth, Fawry aims to launch "Fawry Business" to provide integrated digital solutions for businesses of all sizes, further expanding its presence in both the business and technology sectors.
