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EFG Hermes' consumer finance platform valU aims to reach 250,000 users by end-2022

EFG Hermes' consumer finance platform valU aims to reach 250,000 users by end-2022
valU offers non-banking financial services over large-scale instalments
EFG Hermes
HRHO
-0.98% 14.10 -0.14

By: Abdullah Bedeir 

Cairo – Mubasher: EFG Hermes' consumer finance platform valU aims to increase the number of users to 250,000 by the end of 2022 from the current 100,000, the CEO of EFG Hermes Finance, Walid Hassouna, said. 

During a seminar entitled “Digital Transformation and the Future of E-Commerce”, organised by Edge Innovation Center, Hassouna noted that valU aims at offering non-banking financial services over large-scale instalments without interest. 

Around 420,000 customers in Tanmeyah Microenterprise Company received financing, he added, pointing out that 70% of the transactions are conducted in cash.

During the first half (H1) of 2021, EFG Hermes posted consolidated net profits of EGP 754.95 million, up from EGP 422.97 million In H1-20, including minority shareholders' rights.