Cairo – Mubasher: The board of directors of Fawry for Banking Technology and Electronic Payments recommended a capital increase of up to EGP 400 million.

The proposed capital increase will be used to finance several investment projects and expansions which will accelerate the implementation of its strategy to develop mobile payments services and e-payment services, according to a bourse disclosure on Sunday.

It is worth mentioning that during the first quarter of 2020, Fawry reported net profits of EGP 38.04 million, up from EGP 20.9 million in the corresponding period a year earlier.