REG - EFG Holding S.A.E. - ValU to Launch in Jordan in Early 2024

EFG Holding SAEAnnouncement

02/10/2023 07:00

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RNS Number : 2598O  EFG Holding S.A.E.  02 October 2023

 

Press Release

Valu to Launch in Jordan in Early 2024

Valu's strategic expansion into Jordan results from solid groundwork and
in-depth market research, which identified the country as a promising market
brimming with significant growth opportunities.

Cairo, October 1, 2023

Valu, MENA's leading universal financial technology powerhouse, has announced
its decision to launch in Jordan in Early 2024 as part of its strategic
expansion plan. The company has undertaken a comprehensive assessment and is
actively considering entering new markets, that in addition to Jordan, include
others currently under study in North Africa. This strategic assessment
demonstrates Valu's dedication to ensuring a strong market presence and comes
in line with Valu's business strategy, which places a strong emphasis on
targeting markets with favorable market dynamics that allow for the
implementation of its full product and services universe flexibly and that
ensure profitability within 12-24 months of launching.

Valu's expansion into Jordan comes after extensive groundwork and in-depth
market research and is currently in an advanced preparation stage. By entering
the Jordanian market, Valu aims to leverage its expertise in financial
technology to deliver innovative and value-driven solutions to both consumers
and merchants. Valu has taken the necessary steps to apply for a license from
the Central Bank of Jordan shortly. The company has meticulously examined the
market conditions and identified high-performing professionals including the
firm's CEO, who has already been on-boarded and comes with a wealth of
extensive experience in the financial technology sector and a deep
understanding of the local market to spearhead its business launch in the
region, which it is confident will help yield fruitful results effectively.
Valu has also been working successfully on securing partnerships with numerous
key merchants in Jordan over the past 18 months, highlighting the strong
demand for its cutting-edge, tried, and tested suite of financial technology
solutions. These strategic partnerships will serve as the foundation for
Valu's local growth stories to be built and solidified.

Conversely, Valu has made the decision to exclude the market of the Kingdom of
Saudi Arabia from its market expansion plan. This decision is based on the
recognition that the existing conditions in the market do not allow for the
smooth implementation of its full suite of financial solutions flexibly,
additionally, the projected profitability timeline for the market does not
fall within Valu's profitability strategy nor market expansion plans which was
derived after examining the KSA market over the past 15 months. Valu remains
dedicated to sustaining its rapid growth and momentum in the MENA region and
other markets, acknowledging the vital importance of agility for long-term
success in a dynamic business landscape.

Walid Hassouna, CEO of Valu, expressed his enthusiasm regarding the company's
entry into the Jordanian market, stating, "We are thrilled to bring Valu's
innovative solutions to Jordan. The decision to expand into Jordan aligns
perfectly with our strategy of prioritizing markets with plug-and-play market
dynamics. With our experienced team and strong partnerships with local
merchants, we are confident in our ability to deliver unparalleled value and
reshape the financial technology landscape in Jordan." Hassouna added: "At
Valu, we take immense pride in our visionary mindset, making decisions with a
forward-thinking approach that sets us apart. We are constantly setting the
curve and revolutionizing the financial technology industry, one step at a
time. Our unwavering commitment to innovation and pushing boundaries drives us
to create transformative solutions that empower individuals and businesses.
Valu's unwavering commitment to profitability has yielded impressive results
over the past four years, and we intend to maintain this trajectory moving
forward."

Valu's entry into the Jordanian market is a significant step forward in
solidifying the company's leading position as the universal financial
technology powerhouse in the MENA region. By extending its footprint into
Jordan, Valu is building upon its already established position in its home
market, and this step will further strengthen its regional presence. Through
leveraging its unparalleled expertise, Valu is well-positioned to drive
economic growth, foster financial inclusion, and empower individuals and
businesses in Jordan.

-Ends-

About Valu

Valu is the leading universal financial technology powerhouse offering
customers and businesses convenient and comprehensive financial solutions.
Under its product universe, Valu pioneered Buy-Now, Pay-Later (BNPL) solutions
in the MENA region, providing customizable financing plans for up to 60 months
across more than 5,500 points of sale and over 1,500 websites and apps -
covering a diverse array of categories, including home appliances,
electronics, home finishing, furniture, residential solar solutions,
healthcare, education, travel, and fashion, among others. Valu also offers
investment products, an instant cash redemption program, and savings solutions
through the AZ Valu fund, Sha2labaz, Ulter, and Akeed, respectively. In
addition, Valu offers business-to-business solutions with a hassle-free HR
payroll service and more. As an award-winning fintech player in the MENA
region, Valu embraces a progressive mindset with an agile workforce committed
to architecting innovative financial solutions.

 

 

 

Note on Forward-Looking Statements

In this press release, Valu 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 Valu'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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