One Finance Rolls Out BNPL Services in Egyptian Market
For the first time in the Egyptian market, the company introduces an innovative buy now pay later (BNPL) business model by creating an integrated consumer financing platform that meets the needs of Egyptian consumers in one place. One Finance works in diverse financing services including consumer goods and services, household appliances and durable goods, auto loans, education fees, home finishing, and other sectors vital to Egyptian consumers to meet their demands.
In a press conference yesterday, Hazem Madany, Deputy Chairman, MD, and CEO of One Finance stated that the company received its consumer finance license from the FRA in April of this year. Madany also stated that the company plans to have a $20 million (EGP 400 million) portfolio by the end of 2022 and a $76 million (EGP 1.5 billion) portfolio by 2023.
“One Finance has an ambitious expansion plan, as it aims to establish a strong presence across Egyptian governorates to reach the largest base of customers and support their financing needs. By 2023, we aim to have 90 points of sale, including 16 full-fledged branches. By the end of 2022, a total of 8 branches are scheduled to open in the governorates of Cairo, Giza, Ismailia, Tanta, Shebin El-Kom, Kafr El-Sheikh, Assiut, and Minya,” Madany added.
What you should know One Finance
The firm, which has already granted $10 million (EGP 200 million) in financing in four months, has signed agreements worth $ 5 million (EGP 100 million) with the National Bank of Egypt (NBE), the Egyptian Arab Land Bank (EAL Bank), and Al Baraka Bank – Egypt, and is set to sign another deal worth $5 million (EGP 100 million) with the Export Development Bank of Egypt (EXPA) within days.
Furthermore, the company plans to sign agreements worth $20 million (EGP 400 million) this year with Banque du Caire, Suez Canal Bank, Egyptian Agricultural Bank, and BLOM Bank to be used in 2023.
Egypt’s consumer finance market is worth about $762 million and is expected to reach $2.5 billion by 2026. As part of its 2026 vision, One Finance aims for a 12% market share.
One Finance, founded in March 2022, is an Egyptian joint stock company that specializes in consumer financial services. AYADY for Investment and Development owns 40% of the company, Tamweely owns 30%, and Post owns 30%.