Fintech Apps in the Middle East: myFawry Ranked First!

myFawry earned the top spot on the “Top 15 Fintech Apps In The Middle East” list published by Forbes Middle East. 

Forbes Middle East reports that “The companies on Forbes Middle East’s first list of the “Top 15 Fintech Apps In The Middle East” are helping customers make payments, remit money, borrow, and invest online. In total, they have been downloaded 9.5 million times and they processed around $6.9 billion worth of transactions in 2020.” 

Forbes excluded Fintech apps owned by traditional banks and telecommunication companies and considered the following in the questionnaires sent to the Middle Eastern Fintechs and the most well-known currency exchanges:

  1. The amount of money executed through the app in 2020.
  2. The number of downloads and active users.
  3. Date of establishment.
  4. Where an app was part of a wider company, we only considered the app’s financial data, not the whole platform.

Egyptian payment platform myFawry took the top spot with over 1.6 million downloads and was listed on the Egyptian Stock Exchange in 2019, with a market value of $1.9 billion as of August 5, 2021. As of June 2021, the app had 3.5 million total downloads and $105 million annualized throughput.

myFawry is a payment platform established in 2019. myFawry allows users to pay their bills, recharge their mobiles, reserve bus tickets, and track their spending. In 2020, total downloads surpassed more than 1.6 million. The company, which also offers financial services through multiple channels such as ATMs and retail points.

Other Egyptian platforms that made the list include: Al Ansari Exchange Mobile App, Al Mulla Exchange, MyFatoorah, valU, MoneyFellows, eFAWATEERcom, etc.

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