Fawry for Banking and Payment Technology Services, Egypt’s leading provider of e-payments and digital finance solutions, announced today that it will begin providing Sudanese payments platform, Cashi, with its own digital transformation systems, ahead of the launch of its leading digital platform for classified ads and digital marketing Soug Sudan, (alsoug.com). The move comes as part of Fawry’s strategy to expand into new technological markets abroad and offering support for the popular digital platforms.
Soug al-Sudan, the biggest classified ads platform in the Sudanese market has recently announced the launch of its new payments platform Cashi, which will be followed by distributing Cashi Points of Sale (PoS), at vendors and merchants all over Sudan within the coming days.
Cashi points of sale will be supported by Fawry’s POS systems, which will allow small and medium sized merchants to offer a range of electronic payment services that include accepting cards and paying bills. Cashi will offer transparent, secure and easily tracked payment options, while also offering new income sources to store owners and small sized vendors.
Commenting on the launch, Fawry’s Founder and CEO, Eng. Ashraf Sabry said: “After our successful investment in the Sudanese platform, Soug al-Sudan (alsoug.com), which represents part of our strategy to expand geographically in the African continent, we are hoping to offer our electronic payment solutions to activate electronic payments in the Sudanese market to help transition into a cashless economy.”.
Sabry added that his company is working to contribute into the development and prosperity of the Sudanese market via its financial services, and expanding adoption across the user base of these services in an easy, secure, and affordable way. He also stressed that his company works to support the infrastructure of the payment systems and is deploying its digital financial systems and offering various new technologies to the Sudanese customers.
“Fawry, is working diligently to bring its services and transfer its expertise and all of its digital solutions in electronic payments to the Sudanese market, and aims to transfer traditional transactions into digital ones.” Sabry added.
Sabry said that after achieving unmatched success in the Egyptian electronic payments market, where the company holds the biggest shares, Fawry aims to write a new success story on a continental level in Africa and in Sudan in particular, where the market remains ripe for investors across many sectors.
Tarnim Said, CEO of Al-Soug Sudan, expressed her delight at the launch of the new platform Cashi, saying “we are thrilled to launch Cashi in cooperation with Fawry, , wherein based on the latest live trials of the system, we are certain that the new platform will achieve a great success.”
She added that the platform has been years in the making, thus “it is inspiring to see the fruit of our strategy.”
“We are very thankful to our investor and banker partners as well as the Sudanese regulators, for their support throughout the last few years. We hope that Cashi becomes the Sudanese financial inclusion platform of benefit to not only the customers, but also small and medium sized vendors across the country, in addition to new technology startups as well as the main billers and players in the payments ecosystem.” Tarnim Said said.
This move comes at the heels of Fawry’s successful investment as a minority stakeholder in the holding company (Soug al-Sudan alsoug.com – Cashi,), marking Fawry’s first investment outside the Egyptian market.
The deal also is the first international capital investment in a technology company in Sudan since the country was removed from the sanctions lists.
Fawry, had served as the main bedrock in the success of the first venture capital funding round, which was worth 5 million dollars. Given Fawry’s participation, some of the leading international players in the venture capital industry joined the funding round, including some of the biggest investment companies in the European and American markets.
