Fawry to Establish Consumer Finance Arm🔢

Local Pickup🌇

Fawry to Establish Consumer Finance Arm🔢

Under the company’s strategy to expand its financial services, Fawry (FWRY) is set to establish a consumer finance arm.

More Details🧐 After obtaining the appropriate license from the FRA, Fawry is set to establish Fawry Consumer Finance with an initial capital of EGP 10 million. Fawry Consumer Finance will provide several financial services, most notably a “buy now, pay later” (BNPL) service.

Why is this Important🤔 The BNPL industry has been booming recently. FWRY jumped 2.89% in Thursday’s trading session. Fawry’s CFO stated, “The offering combines the two, allowing Fawry to meet real needs of consumers to gain access to credit & empowering merchants to offer their customers multiple options to pay on their own terms.”

FRA Approves Zahraa Maadi Capital Increase✅

The FRA approved Zahraa Maadi’s (ZMID) request to increase the company’s authorized & paid capital. 

More Details🧐 ZMID will increase its authorized capital from EGP 300 million to EGP 1 billion. The company will also increase its paid capital from EGP 264 million to EGP 528 million, by distributing 264 million free shares with a par value of EGP 1/share.

CBE Extends Dates for Validity of Pandemic Policies🏛

The CBE has extended the validity of some previously instated measures to confront the pandemic, from January 1st until June 30th, 2022.

More Details🧐 These measures include:

  • Exempting customers from all EGP-denominated expenses related to bank transfer services
  • Issuing electronic wallets for free
  • Exempting customers from all transfer fees between mobile phone accounts & mobile phone accounts to bank accounts
  • Issuing prepaid cards to citizens free of charge
  • Exempting customers from all cash withdrawal-related fees

Why is this Important🤔 The CBE stated it will continue to monitor local & global developments, & implement appropriate measures to protect the economy, revitalize the market, & maintain banking & monetary stability.

What else is Clapping👏

  • El Obour Real Estate’s (OBRI) Capital Raise 100% Subscribed

Global Pickup🌎

U.S. Government to Investigate More than Half a Million Tesla Vehicles🚗

More than half a million Tesla vehicles are being investigated by the U.S government after reports showed drivers can play video games on its display screen.

More Details🧐 The National Highway Traffic Safety Administration (NHTSA) said that one Tesla owner reported this feature known as “Passenger Play”, citing that he was able to activate the game while the car was in motion.

This feature has reportedly been available since December 2020, but only when the car was parked. A tesla software update last summer changed that.

Why is this Important🤔 Although the user has to tap an “I am a passenger” confirmation button before playing, there’s little to prevent a driver from tapping the button & playing the game. 

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