EFG Finance, a subsidiary of EFG Holding specializing in non-bank financial services, announced that it has received a license from the Financial Regulatory Authority (FRA). The license will enable the launch of a new subsidiary specialized in providing tailored financial services to small and medium-sized enterprises (SMEs). Launch is scheduled for next quarter.
The initiative aims to fill a niche in EFG Finance's product range, targeting the segment between micro businesses served by Tanmeyah and large enterprises served by EFG Corp-Solutions. Focus on custom financing solutions to support the development of small and medium-sized enterprises.
Karim Awad, Group CEO of EFG Holding, expressed his enthusiasm about the new license: Our commitment to offering a variety of financial products ensures that we meet the needs of clients of all sizes and financial situations. We strive to create innovative financial solutions that drive economic growth, empower customers and deliver solid returns for shareholders. ”
With the introduction of this subsidiary, EFG Finance will offer easily accessible and scalable financial products and services to small and medium-sized enterprises through multiple channels powered by digital technology. The platform will focus on expanding customer base and improving user experience, backed by a thorough assessment of each customer's risk profile and growth potential.
Commenting on the development, Aladdin El-Afifi, CEO of EFG Finance, said: This new license marks the beginning of a specialized platform that addresses the unique financial needs of small and medium-sized enterprises in Egypt. EFG Finance recognizes the important role of small businesses in economic development and job creation. Our new company will leverage advanced technology and extensive industry expertise to deliver innovative financial solutions. ”
EFG Finance is a rapidly expanding NBFI platform in Egypt and is recognized as a promoter of financial inclusion. The platform includes a variety of companies, including MENA's leading financial technology company Valu, microfinance provider Tanmeyah, leasing and factoring service EFG Corp-Solutions, mortgage lender Bedaya, insurance company Kaf, and digital payment service PayTabs Egypt. Brand is hosted.
