EFG
Finance Receives the License from the FRA for its New NBFI Venture
Set to Offer Innovative Financial Solutions for Small and Medium
Enterprises to Drive Growth and Success
Cairo, March 13, 2024
EFG Finance, the non-bank financial
institutions (NBFI) arm of EFG Holding, announced today that it has
obtained the required license from the Financial Regulatory
Authority (FRA) to introduce its newest subsidiary that will
provide financial services tailored for small and medium
enterprises. The company is poised to complement EFG Finance's core
offering by catering to the financing needs of small and
medium-sized enterprises (SMEs) in Egypt. The new venture is
anticipated to be launched in the second quarter of this
year.
With this new venture, the financial
institution seeks to bridge the gap in its product offering,
targeting businesses that fall between the micro and small
enterprises supported 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.
"We are delighted to announce the
acquisition of a new license, allowing us to introduce a new
subsidiary to the EFG Holding family. At EFG Holding, our
relentless dedication to providing a comprehensive range of
financial products ensures accessibility for individuals and
businesses across all income levels and sizes. Our commitment lies
in crafting innovative financial solutions that not only fuel
economic growth but also empower our clients to prosper, while
generating promising returns for our shareholders through new
ventures." Commented Karim Awad,
Group CEO of EFG Holding.
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.
Aladdin ElAfifi, CEO of EFG Finance, an EFG Holding
company, commented on the news,
saying, "We are thrilled to announce the forthcoming launch of our
new SME business, a testament to our unwavering commitment to
offering products and services that cater to the growth and
prosperity of the Egyptian economy. 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. At EFG Finance, we
recognize 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. Working under a renowned group such as EFG Holding has
its advantage, as it facilitates the creation of powerful synergies
across various lines of business, delivering innovative and
convenient solutions to clients."
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.
-END-
About EFG
Holding
EFG
Holding (EGX: HRHO.CA - LSE: EFGD)
is a trailblazing financial institution that boasts a remarkable
40-year legacy of success in nine countries spanning three
continents. Operating within three distinct verticals - the
Investment Bank (EFG
Hermes), Non-Bank Financial Institutions (NBFI)
(EFG Finance), and
Commercial Bank (aiBANK) -
the company provides a comprehensive range of groundbreaking
financial products and services tailored to meet the needs of a
diverse clientele, including individual clients and businesses of
all sizes.
EFG
Hermes, the leading investment bank
in the Middle East and North Africa (MENA), offers an extensive
array of financial services, encompassing advisory, asset
management, securities brokerage, research, and private equity. In
its domestic market, EFG Holding serves as a universal bank, with
EFG Finance emerging as the fastest-growing NBFI platform,
comprising Tanmeyah, a
leading provider of financial services in Egypt with a concerted
focus on the micro and small enterprise segments, EFG Corp-Solutions, which provides
leasing and factoring services, Valu, a versatile financial technology
powerhouse, PayTabs Egypt, a digital payment platform, as well as
Bedaya for mortgage finance
and Kaf for insurance.
Furthermore, the company delivers commercial banking solutions
through aiBANK, an
integrated retail, corporate, and Islamic banking product provider
in Egypt.
Proudly present in: Egypt | United
Arab Emirates | Saudi Arabia | Kuwait | Bahrain | Pakistan | UK |
Kenya | Nigeria |
Learn more about us at
www.efghldg.com
Note on Forward-Looking
Statements
In
this press release, EFG Holding may make forward-looking
statements, including, for example, statements about management's
expectations, strategic objectives, growth opportunities, and
business prospects. These forward-looking statements are not
historical facts but instead represent only EFG Holding's belief
regarding future events, many of which, by their nature, are
inherently uncertain and are beyond management's control and
include, among others, financial market volatility; actions and
initiatives taken by current and potential competitors; general
economic conditions and the effect of
current, pending, and future legislation, regulations and
regulatory actions. Accordingly, the readers are cautioned not to
place undue reliance on forward-looking statements, which speak
only as of the date on which they are made.