5 FinTechs digitising the lending space in Egypt
By Gloria Methri
Egypt has emerged as a hub for innovative digital lending platforms that leverage technology to offer financial solutions to underserved individuals and businesses. These platforms, based in the country’s bustling capital of Cairo and beyond, provide a range of lending products that cater to various needs such as personal loans, microloans, and business loans.
By digitizing the lending process, these platforms are able to streamline operations, reduce costs, and offer faster and more convenient access to credit.
Let’s look at 5 FinTech companies offering alternate lending platforms in Egypt.
MoneyFellows is a collaborative Group Lending and Savings platform that allows users to pool their money with other users to create savings groups. Members take turns receiving lump-sum payouts from the pool to fund their financial goals. MoneyFellows is headquartered in Cairo, Egypt.
Kashat is a nano lending mobile application in Egypt, that offers instant short-term loans or micro-loans to small business owners. Customers can apply for a loan using their mobile phones, and receive the loan directly to their bank account.
Fawry is a digital payment and lending platform that offers personal loans, mortgage loans, and auto loans to customers. It also offers digital payment solutions such as bill payments and mobile top-ups. The FinTech platform aims to revolutionise omnichannel payments in Africa and the Middle East.
ElGameya is a FinTech mobile application that is used to organize and manage micro-savings and credit. It allows users to participate in traditional rotating savings and credit associations (ROSCAs) online. Members can save and borrow money within their gameya (ROSCA) group, and the platform manages the distribution of funds.
Tamweely is a non-banking financial service provider that works with clients to provide tailored microfinancing and microinsurance services for micro and small businesses. It also offers personal loans, car loans, and small business loans to customers. The loan application process is entirely online, and customers can receive their loan funds within 48 hours.
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