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One Finance launches services in Egypt with EGP 100m capital

One Finance launches services in Egypt with EGP 100m capital
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By: Abdallah Beder

Cairo – Mubasher: Integrated consumer financing platform One Finance has launched its services in the Egyptian market with an issued and paid-up capital worth EGP 100 million.

The company introduces an innovative buy now pay later (BNPL) business model for the first time in the Egyptian market by creating an integrated consumer financing platform that meets the needs of Egyptian consumers from one place.

During a press conference on Sunday, Deputy Chairman, MD, and CEO of One Finance, Hazem Madany, said his company targets a portfolio size of EGP 1.50 billion during 2023 and a portfolio size of EGP 400 million by the end of 2022.

The company has already granted EGP 200 million worth of financing in four months.

Furthermore, Madany revealed that his company aims to reach 90 points of sale (POS), including 16 full-fledged branches by 2023.

By the end of 2022, a total of 8 branches are set to open in the governorates of Cairo, Giza, Ismailia, Tanta, Shebin El-Kom, Kafr El-Sheikh, Assiut, and Minya.

The company signed agreements with the National Bank of Egypt (NBE) valued at EGP 100 million, the Egyptian Arab Land Bank (EAL Bank) and Al Baraka Bank – Egypt worth EGP 50 million each, and is set to sign another deal worth EGP 100 million with the Export Development Bank of Egypt (EXPA) within days.

In addition, the company intends to ink agreements worth EGP 400 million with Banque du Caire, Suez Canal Bank, Egyptian Agricultural Bank, and BLOM Bank this year to use during 2023.

The volume of consumer finance services in Egypt amounts to EGP 15 billion and is expected to hike to EGP 50 billion by 2026. One Finance targets a market share of 12%, as part of its 2026 vision.

Established in March 2022, One Finance is an Egyptian joint stock company specialising in consumer finance services. The company is partly owned by AYADY for Investment and Development (40%), Tamweely (30%), and Post for Investment (30%).