Fawry Microfinance, a subsidiary of Fawry for Banking Technology and Electronic Payments, has obtained preliminary approval from the Financial Regulatory Authority (FRA) to add small and medium enterprise (SME) financing to its portfolio, according to a press release on August 8th.

Accordingly, the company will carry on developing its offering to pave the way for boosting operations once the new service is launched later this year.

Moreover, it will eventually seek cooperation with the rest of Fawry’s subsidiaries to provide a complementary service to customers.

“This decision is sure to usher on a new era for Fawry, one which has been in the making for several months,” Ashraf Sabry, CEO of Fawry, commented.

“We are confident that this approval and the ultimate roll out of Fawry Microfinance’s additional services will not only help boost the company’s financial results, but also allow us to develop a synergetic offering geared towards both businesses and individuals,” Sabry added

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