Fawry, a FinTech company, has obtained approval from the Financial Regulatory Authority to establish Fawry Microinsurance Company.
According to a statement issued by Fawry, the new company will offer a range of simple and low-cost insurance products, specifically designed to meet the needs of micro-enterprises, gig economy workers, and a wide range of customers. In the first phase, the microinsurer will offer basic protection products, such as health insurance, life insurance, personal accident insurance, and property insurance.
The paid-up capital of Fawry Microinsurance Company is EGP60m ($1.15m), of which Fawry owns a 90% stake, reflecting its long-term commitment to developing a specialised and scalable platform in the field of comprehensive insurance.
Fawry will rely on its extensive nationwide infrastructure to distribute the microinsurance products. The network includes more than 350 Fawry Plus branches, a merchant network exceeding 375,000 points of sale, in addition to its digital channels, which include more than 24m downloads of the myFawry app, enabling customers to easily access and subscribe to insurance products through familiar and everyday channels.
Fawry plans to integrate insurance services into its existing system, which includes bill payments, e-wallets, lending services, and merchant solutions, thereby simplifying access and enhancing usage.
Mr Ashraf Sabry, Fawry’s CEO, said that insurance in Egypt is still limited in reach, especially among micro and informal groups, and by integrating insurance into the payments system, the microinsurance company aims to provide affordable and accessible protection solutions that meet the needs of these segments.