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Misr Capital and Fawry kick off ‘Fawry Yawmy’ fund for individual investors

Misr Capital and Fawry kick off ‘Fawry Yawmy’ fund for individual investors

‘Fawry Yawmy’ is MENA’s first fintech-based money market fund, and will be available through Fawry branches across the nation.

23 January 2022 (Cairo, Egypt) – Misr Capital, the investment arm of Banque Misr, and Fawry, the leading digital transformation and e-payment platform in Egypt and MENA region, announced they are launching the ‘Fawry Yawmy’ product, an innovative fund with a cumulative daily return. The money market fund is targeted at individual investors, with purchase and redemption phase scheduled to start on 30 January 2022 at a minimum amount of EGP 500.

Co-established by both companies, ‘Fawry Yawmy’ is the first money market fund in Egypt and MENA to use state-of-the-art financial technology, which is provided by FAWRY. The new product will be accessible all over Egypt via the e-payment company’s extensive presence.

The new fund was created to serve individual investors in the first place. It is a secure financial product that generates a daily cumulative return. It will be available through Fawry’s multiple outlets, including FawryPlus’ 160 branches, over 250k point-of-sale machines and, later on, through the myfawry app.

“This strategic partnership with Fawry — a leading company with over 30 million active customers — is aimed to serve retail investors. It will contribute to promoting the Egyptian market of debt instruments through introducing innovative and various products in order to encourage investors to enter the market, which already witnesses remarkable growing thanks to government support and the Financial Regulatory Authority’s effective role,” stated Khalil Al-Bawab, the CEO and Managing Director of Misr Capital.
He reiterated that the launch of ‘Fawry Yawmy’ was inspired by Misr Capital’s strategy of collaborating with the regulatory bodies and pioneering companies to enhance the growth of the Egyptian debt instruments market.

“This partnership with Fawry has resulted in an integrated product that secures both easy access, through Fawry’s widespread presence across the country, and proven fund-management expertise, given that Misr Capital is one of MENA’s top rated companies in the field,” Al-Bawab added.

On his part, Ashraf Sabry, Fawry’s CEO and Founder, stressed that the fund wholly relies on fintech, which is unprecedented in MENA.

“Fawry’s unique technological infrastructure, including more than 160 FawryPlus branches and over 250,000 POS machines nationwide, has been utilized to serve investors. Furthermore, establishing the ‘Fawry Yawmy’ for individual investors comes in conformity with the growing pace of digital transformation in Egypt and the national efforts pushing the financial inclusion to cover all society segments,” he said.

Sabry explained that the fund concept is based on connecting Fawry’s technological infrastructure with that of Misr Capital and all relevant providers, as well as the database of anti-money laundering; adding that pioneering technological solutions have been used in this regard.

“Both companies have agreed on a low minimum investment amount to facilitate individual investors’ involvement in the Egyptian debt instruments market. Transactions through the fund will be easy and smooth through all Fawry’s channels,” Sabry wrapped up his comments.

It is worth mentioning that ‘Fawry Yawmy’ 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 to be managed by Misr Capital.

Misr Capital and Fawry kick off ‘Fawry Yawmy’ fund for individual investors - Fawry

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