Banque Misr’s investment banking arm Misr Capital & Fawry (FWRY) have launched “Fawry Yawmy” money market fund, available for purchase & redemption starting January 30th, 2022.
What’s a Money Market Fund🤨 A money market fund is a type of mutual fund that invests in highly-liquid, short-term asset classes.
More Details🧐 The “Fawry Yawmy” fund targets a size of EGP 1 billion, with each certificate priced at EGP 1 & a minimum initial investment of EGP 500. No minimum investment amount is required after the initial investment.
Investors will be able to purchase & redeem certificates through 160+ Fawry Plus branches across Egypt, & over 250K Fawry POS machines. Later this year, purchase & redemption will be available via the myFawry app.
Although any person or entity can purchase certificates, the fund is “designed to primarily serve individuals.”
Why is this Important🤔 Fawry has over 30 million monthly active users, making it a lucrative partnership for Misr Capital, who aim to increase their assets under management from EGP 38 billion to EGP 45 billion by the end of 2022.
