Cairo – Mubasher: Egypt-based fintech platform valU has teamed up with Arab Developers Holding to provide the latter’s customers with financing of up to EGP 2.40 million per individual.
The instalment solutions will cover home improvement and maintenance fees starting from 1 July 2022, according to a recent press release.
Under the partnership agreement, there will be no down payments or required purchase fees, while the tenors will range between six and 60 months.
CEO of valU, Walid Hassouna, said: “We are happy to be moving forward with our strategy to extend our [buy now, pay later] BNPL services to homeowners across Egypt, and our partnership with Arab Developers Holding, a key player in Egypt’s real estate sector, makes us incredibly proud.”
Hassouna noted: “Our goal is to identify gaps in the market, diversify our portfolio of services to all Egyptians across all income brackets, and find innovative solutions to empower our customers to achieve their desired lifestyles through our innovative and comprehensive fintech platform.”
Ayman Khalifa, CEO of Arab Developers, meanwhile said: “we strongly believe that this partnership will carve the path for more successes in the ever-growing Egyptian real estate space.”
It is worth mentioning that Saudi Arabia’s Alhokair recently purchased equity in vaIU.