Egypt’s Fawry Acquires 56% Stake in Virtual CFO to Boost SME Financial Services

Fawry, Egypt’s leading digital payments company, has acquired a 56% stake in Virtual CFO, a provider of financial and accounting services for SMEs, without management rights.

This move aligns with Fawry’s strategy to expand its business solutions portfolio, following the recent launch of its “Fawry Business Solutions” platform.

Virtual CFO plans to open new branches in Alexandria and Mansoura in 2024, broadening access to its services, including cash flow management, tax compliance, and financial planning.

CEO Ahmed Farouk stated that the partnership aims to grow their client base from 250 to 2,500 within five years