Fawry introduces the groundbreaking Cash in & Cash-out service for bank cardholders
For the first time, bank cardholders can withdraw and deposit cash through Fawry POS terminals.
15 June 2022 (Cairo, Egypt) – In line with the CBE’s strategies aiming to promote fintech and achieve Egypt’s financial inclusion goals, Fawry has launched the Cash-in & Cash-out service – the first of its kind in the country – in collaboration with the Egyptian Banks Company (EBC) and Banqu Misr.
The new-to-market facility will make the bank customers and holders of debit & prepaid cards under Meeza, Visa and MasterCard schemes able to deposit, depending on the issuer bank’s acceptance, and withdraw cash through all Fawry’s merchant POS machines spread out all over Egypt. Now Fawry boasts over 286,000 POS terminals found at shopping malls, supermarkets, kiosks, grocery shops, as well as FawryPlus branches.
The Cash-in & Cash-out service is a revolutionary innovation in Egypt’s fintech sector, as Fawry POS machines are no longer limited to the traditional payment ways, having branched out to serve as ATMs for bank customers for the first time in Egypt, in order to ease pressure on bank ATMs and save the citizens’ time and energy.
“Further to the great successes made by Fawry since it entered the electronic payment market, we are excited to add a new achievement by introducing the Cash-in & Cash-out service for the first time in the Egyptian market,” stated Eng. Ashraf Sabry, Fawry’s CEO. He vowed that the company, driven by a strategy to persistently look forward to enhancing its leadership in the market, would spare no effort to innovate more highly beneficial services and products in order to fulfill its customers’ needs and aspirations.
“Launching the Cash-in & Cash-out service proves Fawry’s capability to enrich the sector of fintech and unbanked transactions in the Egyptian market. The move is also part of the company’s endeavors to spur the digital economy within the framework of the Central Bank of Egypt’s strategy of supporting and achieving the financial inclusion, and to contribute to building a digital Egypt,” Mr. Sabry added.
On his part, Mr. Ihab Dorra, Head of Branches and Retail Banking at Banque Misr, said: “We are thrilled to work jointly with Fawry company for creating a digitally integrated society by providing all fintech services to the customers. The Cash-in & Cash-out for the bank cardholders through Fawry POS machines constitutes a particularly substantial transformation in the rules of electronic payment and financial governance.”