Finance

Egypt: Mohamed Okasha steps down as MD of Fawry to launch a $25mln fund to support early-stage companies

Monday, 30 March 2020 16:40
Egypt: Mohamed Okasha steps down as MD of Fawry to launch a $25mln fund to support early-stage companies

(Ecofin Agency) - Mohamed Okasha (pictured), co-founder and Managing Director of Egyptian e-payment company Fawry announced he is stepping down from his position on April 1, 2020, to launch a $25 million investment fund that will help Egyptian fintech companies in their early and growth stage. No further details have been given about how the fund will be managed.

Mohamed Okasha has 25 years of experience in the retail and marketing sector. Before joining Fawry's management in 2009, he worked for the telecom company Vodafone and the firm Raya in Egypt. Although he will no longer be Fawry’s MD, Mr. Okasha will remain a member of the company’s Board of Directors, according to media sources.

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