Digital payments firm quadruples in value in Egypt
Published 08 Sep,2020 via Bloomberg Technology & Innovation -An Egyptian digital payments firm has quadrupled in value during the pandemic, helped by a government push to reduce citizens’ heavy reliance on cash. Investors and analysts are split on whether the stock rally has further legs.
Fawry for Banking & Payment Technology Services SAE debuted on Cairo’s exchange just over a year ago. A 300% rally from a mid-March low has boosted its market value to 20 billion Egyptian pounds ($1.3 billion). That puts Fawry among the country’s 10 most valuable companies alongside firms such as Telecom Egypt Co. and Elswedy Electric Co., which generate many times more revenue and profit.
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Farah Elbahrawy