Egyptian fintechs dominate Forbes Middle East’s 2023 list; Fawry leads

Egyptian fintechs dominate Forbes Middle East’s 2023 list; Fawry leads

Mubasher: Egypt has been the most represented country in Forbes Middle East’s list for 2023, which features 30 regional Fintech businesses in the region.

Eight Egyptian fintechs were on the list, followed by Saudi Arabia with six entries. Meanwhile, the UAE and Kuwait participated with five companies, each.

E-payment platform Fawry for Banking Technology and Electronic Payments, which is listed on the Egyptian Exchange (EGX), topped the list of the 30 fintechs. The company processed transactions worth $6.8 billion and served 49.40 million customers in 2022.

It is worth noting that Fawry’s consolidated net profits after tax surged annually to EGP 327.05 million in 2022, including minority shareholders' rights.

Raya Holding for Financial Investments’ subsidiary Aman Holding in addition to Paymob were also among the Egyptian fintechs on the list.

Aman Holding earlier unveiled immense investments of EGP 90 million in 2022, besides launching a money market fund to support unbanked customers.

Last month, Paymob announced its partnership with MBC Group’s Shahid to endorse video-on-demand services in the Egyptian market.

From Jordan, MadfooatCom was the second on Forbes Middle East’s 30 fintehcs list, with more than 3.6 million active users and transactions totalling $14.7 billion in 2022.

Several businesses secured funding, including Egypt’s MNT-Halan, which raised $200 million