In the bid to accomplish its mission of empowering Egyptian women, the leading digital transformation and e-payment network Fawry has just announced the expansion of the ‘Heya Fawry’ initiative to reach the informal sector and the unbanked population especially women access to life-enhancing digital financial services and greater economic opportunities.
In three years of business operation, Heya Fawry’s expansion was made possible thanks to the cross-sector collaboration between Fawry, Unilever, Lead Foundation and funding support from the British Foreign, Commonwealth & Development Office (FCDO) via the Arab Women’s Enterprise Fund Program (AWEF).
The initiative aims to help women gain access to greater job opportunities by signing up to be Heya Fawry agents while providing life-enhancing financial services to the predominantly unbanked population.
Heya Fawry initiative help to create new revenue streams for low-income women to be able to provide financial support to their household’s while participating in the Egyptian economy.
“We are pleased with the great continued success that Heya Fawry has achieved, as well as its contribution to improving the conditions of low-income and less advantaged women in Egypt.” And to drive digital transformation and promote financial inclusion which is in line with policies of the Egyptian government, said Ahmed Fahmy, Head of Partnerships at Fawry.
“While AWEF has served as a catalyst to promote women’s economic empowerment and inclusion, it was as a result of its commitment, vision and dedication of its partners that the “Heya Fawry” initiative has achieved this level of success,” said Yomna Mustafa, Country Director at AWEF.
Islam Abdel-Raouf, Alexandria regional sales and Emerging Channels Sector Manager at Unilever said that “Unilever is proud to participate in this distinguished initiative for the third year in a row. Unilever provides products to Heya Fawry agents, but we also work on developing their marketing & management capabilities, to ensure sustainable incomes.
As part of the second phase of the initiative, Heya Fawry was joined by Lead Foundation, a preeminent Egyptian Microfinance Institution, which designed a dedicated Heya Fawry Microfinance Program and avails microloans to selected beneficiaries, via digital means “Believing in our mission to granting credit facilities to startups, entrepreneurs and small and medium-sized businesses in Egypt. Lead Foundation saw the potential in Heya Fawry and business opportunities that are open to young and ambitious female micro-entrepreneurs ” Sandy Salama, Marketing and Communications Manager at Lead Foundation stated.
The first phase of the Heya Fawry initiative built upon synergies between four “Core Partners”, Fawry, AWEF, AXA Insurance who offered medical and life insurance services free of charge for 3 years, as well as Unilever, who trained Heya Fawry agents to become successful retailers of well-known home care, beauty and food brands.
To date, Heya Fawry initiative has successfully provided job opportunities and financial inclusion to more than 300 female agents who conduct a volume of e-payment transactions valued at EGP 10 million. Heya Fawry offered support to Egyptian women in the poorest areas in Cairo, Giza, Assiut, Fayoum and Minya, by financing the initial capital needed to become a Fawry agent and raising their capabilities as micro-entrepreneurs. The initiative not only seeks to enhance women’s digital and financial skills but also their ability to successfully manage projects, secure profits and expand their networks.
Heya Fawry business model is in line with Egypt’s policy and 2030 vision to aid small investors and traders and boost the plan of digital transformation and financial inclusion.
Heya Fawry partners have also announced their plan to expand and to include more women in other business partnerships with Heya Fawry.
