One Finance launches integrated consumer finance in the Egyptian market

Egyptian funding platform One Finance has launched Buy Now, Pay Later in the country with issued and paid-up capital worth $5 million.

The company has created an integrated consumer finance platform that serves the needs of Egyptian consumers from one place, to facilitate the financing experience. One Finance works in various finance services including consumer goods and services, appliances and durable goods, car loans, tuition fees, home finishing and other vital sectors for Egyptian consumers to to respond to their requests.

Finance in economic uncertainty

The economic volatility that the world is currently experiencing, its implications on the local economy and its direct impact on the purchasing power of individuals have increased the need for consumer finance services as a safe option to meet the needs of consumers. consumer purchase. This has translated into increased demand on the sector, to hedge against the risks of lack of liquidity, especially in light of the continued rise in prices and increased consumer spending, making it a tool for bridging consumption and life financing gaps.

Company officials said the company is offering an unprecedented new business model to cater to different socio-economic strata and accommodate their funding capabilities. One Finance is working to boost consumer finance services in Egypt, as part of the country’s 2030 vision. The volume of consumer finance services has reached approximately USD 762 million and is expected to reach USD 2.5 billion by 2026. One Finance is targeting a 12% market share, as part of its 2026 vision.

One Finance obtained the consumer credit license from the FRA in April 2022 and the company is partly owned by Ayady for investment (40%), Tamweely (30%) and Post for investment (30%) . The company is targeting a portfolio of $2 million by the end of 2022 and a portfolio of $76 million in 2023, which will be self-funded by shareholders as well as bank facilities. It has already granted $10 million in funding in 4 months.

Expansion plans

One Finance has a significant expansion plan, as it aims to establish a strong presence in Egyptian governorates to reach a large customer base and meet their financing needs. By 2023, it aims to have 90 outlets, including 16 full-fledged agencies. By the end of 2022, a total of 8 branches are expected to open in the governorates of Cairo, Giza, Ismailia, Tanta, Shebin El-Kom, Kafr El-Sheikh, Assiut and Minya.

One Finance aims to serve consumers by offering integrated consumer finance solutions for different purchasing powers, with bespoke programs tailored to individual needs with different repayment methods. It offers a funding limit range starting from $508 and up to a maximum of $305,000, one of the highest credit limits among operating companies in the market, as well as various credit plans and facilities. payment, and convenient installment plans up to 84 months. .

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