Fawry secures microinsurance license in Egypt

Egyptian fintech company Fawry has received a license from the Financial Regulatory Authority (FRA) to establish a microinsurance company in the country.

Named “Fawry for Microinsurance,” the new entity will offer health, life, and personal accident insurance products tailored to the needs of micro-enterprises, self-employed individuals, and the general public.

With a share capital of 60 million EGP (1.1 million USD), the microinsurer will be 90% owned by Fawry.