Egyptian fintech founder Ashraf Sabry has seen the market value of his stake in Fawry for Banking Technology and Electronic Payments (Fawry) slump by more than $1.5 million since the start of the year due to the impact of the devaluation of the Egyptian currency.
Data gathered by According to a report by Billionaires.Africa, the lasting devaluation of the Egyptian pound had extracted a staggering toll of $1.52 million on Sabry’s stake in Fawry as he joined the list of investors on the Egyptian Stock Exchange that grappled with substantial wealth losses since the start of the year.
Fawry, one of Africa’s leading fintech companies, is a joint venture between HSBC, Arab African International Bank, Bank of Alexandria, EFG Hermes, Raya Holding, and Fawry management.
The fintech firm operates an electronic bill payment network that enables the Egyptian public to conveniently and securely pay their bills and top up their mobile phones through the various electronic channels available at banks and a network of retailers.
Sabry, a leading Egyptian entrepreneur who launched the payment platform in 2008 and pioneered electronic bill payments in Egypt, controls 2.345 percent of the company, or 40,036,282 shares.
