Cairo – Mubasher: Fawry for Banking Technology and Electronic Payments and the UN World Food Programme (WFP) teamed up to boost the use of secure financial service platforms in Egypt, according to a press release.
WFP and Fawry joined forces in 2016 to enable communities and individuals to access cash assistance through short message service (SMS) vouchers or cash cards, redeemable at over 310,000 points of sale across all governorates.
The WFP-Fawry cash delivery platform serves as a unified multi-purpose cash assistance service that is offered to all UN agencies, allowing them to deliver assistance to people in need. This reduced transaction costs and increased the benefit to the local communities as well as markets.
Praveen Agrawal, WFP Representative and Country Director in Egypt, commented: “This is a game-changer, not only for WFP but for the country and all our UN and development partners that now have a means by which to immediately reach the vulnerable population.”
Ahmed Fahmy, Commercial Director at Fawry, said: “Through the partnership with the World Food Programme, we aim to use digital transformation and financial technology to serve WFP projects in Egypt, as part of returning the favor to communities and groups most in need.”
Fahmy added: “In addition to that, this cooperation puts us at the center of international efforts to combat hunger and achieve positive change and long-term sustainability in light of the current conditions in the international community.”
During the first quarter (Q1) of 2023, the consolidated net profit after tax of Fawry hit EGP 142.05 million, an annual hike from EGP 47.83 million, including minority interest.
