EFG Finance, EFG Holding’s non-bank financial institutions unit, has secured a licence from the Financial Regulatory Authority to introduce a new venture that will provide financial services tailored for small and medium enterprises (SMEs).
The new venture is poised to complement EFG Finance’s core offering by catering to the financing needs of SMEs in Egypt. The SME finance venture is expected to be launched in the second quarter of 2024.
With the new venture, EFG Finance seeks to bridge the gap in its product offering, targeting businesses that fall between the micro and small enterprises backed by Tanmeyah and larger enterprises served by EFG Corp-Solutions.
The new platform will focus on providing tailor-made financing products and support to SMEs as they navigate their growth journeys.
“With the acquisition of the license, we are poised to introduce a revolutionary platform designed specifically to meet the unique financial needs of small and medium-sized enterprises across Egypt,” said Aladdin ElAfifi, the CEO of EFG Finance.
“At EFG Finance, we recognise the vital role that SMEs play in driving economic growth and job creation. Through this new company, we aim to empower these enterprises with access to innovative financial solutions, leveraging cutting-edge technology and extensive industry experience.”
Upon its launch, the company will provide the SME ecosystem with seamlessly accessible and highly scalable products and services through various distribution channels, all facilitated by digital processing and delivery.
Leveraging technology to complement the underwriting experience, the NBFI platform aims to expand its customer base and deliver a superior user experience. The offerings will be supported by a careful assessment of customers’ specific risk attributes and growth needs.
EFG Finance is the fastest-growing NBFI platform in Egypt and a growth engine for financial inclusion. The platform is home to numerous brands, including Valu, MENA’s leading universal financial technology powerhouse, micro and small finance player Tanmeyah, leasing and factoring platform EFG Corp-Solutions, mortgage finance provider Bedaya, insurance company Kaf, and e-payment platform PayTabs Egypt.
