REG - EFG Holding S.A.E. - EFG Holding SMEs Lending License Announcement

EFG Holding SAEAnnouncement

13/03/2024 08:15

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RNS Number : 6723G  EFG Holding S.A.E.  13 March 2024

EFG Finance Receives the License from the FRA for its New NBFI Venture Set to
Offer Innovative Financial Solutions for Small and Medium Enterprises to Drive
Growth and Success

Cairo, March 13, 2024

EFG Finance, the non-bank financial institutions (NBFI) arm of EFG Holding,
announced today that it has obtained the required license from the Financial
Regulatory Authority (FRA) to introduce its newest subsidiary that will
provide financial services tailored for small and medium enterprises. The
company is poised to complement EFG Finance's core offering by catering to the
financing needs of small and medium-sized enterprises (SMEs) in Egypt. The new
venture is anticipated to be launched in the second quarter of this year.

With this new venture, the financial institution seeks to bridge the gap in
its product offering, targeting businesses that fall between the micro and
small enterprises supported by Tanmeyah and larger enterprises served by EFG
Corp-Solutions. The new platform will focus on providing tailor-made financing
products and support to SMEs as they navigate their growth journeys.

"We are delighted to announce the acquisition of a new license, allowing us to
introduce a new subsidiary to the EFG Holding family. At EFG Holding, our
relentless dedication to providing a comprehensive range of financial products
ensures accessibility for individuals and businesses across all income levels
and sizes. Our commitment lies in crafting innovative financial solutions that
not only fuel economic growth but also empower our clients to prosper, while
generating promising returns for our shareholders through new ventures."
Commented Karim Awad, Group CEO of EFG Holding.

Upon its launch, the company will provide the SME ecosystem with seamlessly
accessible and highly scalable products and services through various
distribution channels, all facilitated by digital processing and delivery.
Leveraging technology to complement the underwriting experience, the NBFI
platform aims to expand its customer base and deliver a superior user
experience. The offerings will be supported by a careful assessment of
customers' specific risk attributes and growth needs.

Aladdin ElAfifi, CEO of EFG Finance, an EFG Holding company, commented on the
news, saying, "We are thrilled to announce the forthcoming launch of our new
SME business, a testament to our unwavering commitment to offering products
and services that cater to the growth and prosperity of the Egyptian economy.
With the acquisition of the license, we are poised to introduce a
revolutionary platform designed specifically to meet the unique financial
needs of small and medium-sized enterprises across Egypt. At EFG Finance, we
recognize the vital role that SMEs play in driving economic growth and job
creation. Through this new company, we aim to empower these enterprises with
access to innovative financial solutions, leveraging cutting-edge technology
and extensive industry experience. Working under a renowned group such as EFG
Holding has its advantage, as it facilitates the creation of powerful
synergies across various lines of business, delivering innovative and
convenient solutions to clients."

EFG Finance is the fastest-growing NBFI platform in Egypt and a growth engine
for financial inclusion. The platform is home to numerous brands, including
Valu, MENA's leading universal financial technology powerhouse, micro and
small finance player Tanmeyah, leasing and factoring platform EFG
Corp-Solutions, mortgage finance provider Bedaya, insurance company Kaf, and
e-payment platform PayTabs Egypt.

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About EFG Holding

EFG Holding (EGX: HRHO.CA - LSE: EFGD) is a trailblazing financial institution
that boasts a remarkable 40-year legacy of success in nine countries spanning
three continents. Operating within three distinct verticals - the Investment
Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and
Commercial Bank (aiBANK) - the company provides a comprehensive range of
groundbreaking financial products and services tailored to meet the needs of a
diverse clientele, including individual clients and businesses of all sizes.

EFG Hermes, the leading investment bank in the Middle East and North Africa
(MENA), offers an extensive array of financial services, encompassing
advisory, asset management, securities brokerage, research, and private
equity. In its domestic market, EFG Holding serves as a universal bank, with
EFG Finance emerging as the fastest-growing NBFI platform, comprising
Tanmeyah, a leading provider of financial services in Egypt with a concerted
focus on the micro and small enterprise segments, EFG Corp-Solutions, which
provides leasing and factoring services, Valu, a versatile financial
technology powerhouse, PayTabs Egypt, a digital payment platform, as well as
Bedaya for mortgage finance and Kaf for insurance. Furthermore, the company
delivers commercial banking solutions through aiBANK, an integrated retail,
corporate, and Islamic banking product provider in Egypt.

Proudly present in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait |
Bahrain | Pakistan | UK | Kenya | Nigeria |

Learn more about us at www.efghldg.com

 

Note on Forward-Looking Statements

In this press release, EFG Holding may make forward-looking statements,
including, for example, statements about management's expectations, strategic
objectives, growth opportunities, and business prospects. These
forward-looking statements are not historical facts but instead represent only
EFG Holding's belief regarding future events, many of which, by their nature,
are inherently uncertain and are beyond management's control and include,
among others, financial market volatility; actions and initiatives taken by
current and potential competitors; general economic conditions and the effect
of current, pending, and future legislation, regulations and regulatory
actions. Accordingly, the readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date on which they are
made.

 

 

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