Cairo – Mubasher: EFG Finance, the non-bank financial institutions (NBFI) arm of EFG Holding, has received a license from the Financial Regulatory Authority (FRA) to establish a new subsidiary.
The new subsidiary will provide financial services to small- and medium-sized enterprises (SMEs), according to a press release.
The new company is expected to be launched in the second quarter (Q2) of 2024.
Upon launch, the company will offer SMEs easily accessible and highly scalable products and services via digital channels.
Leveraging technology to enhance the underwriting process, the platform aims to expand its customer base. Services will be tailored to individual risk profiles and growth requirements.
EFG Finance aims to bridge the gap in its product offering, targeting businesses that fall between the micro and small enterprises supported by Tanmeyah, another subsidiary of EFG Holding, along with other enterprises served by EFG Corp-Solutions.
Karim Awad, Group CEO of EFG Holding, said: “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,” Awad added.
Aladdin ElAfifi, CEO of EFG Finance, stated: “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.”
“Through this new company, we aim to empower these enterprises with access to innovative financial solutions, leveraging cutting-edge technology and extensive industry experience,” ElAfifi noted.
In the first nine months (9M) of 2023, EFG Holding, previously known as EFG Hermes Holding, logged consolidated net profits of EGP 2.09 billion.
