back Back

Bedaya Mortgage Finance unveils Egypt’s first non-bank mortgage finance mobile application

By Pavithra R

June 21, 2021

  • Bedaya
  • Egypt
Share

Bedaya Mortgage Finance unveils Egypt's first non-bank mortgage finance mobile applicationBedaya Mortgage Finance, Egypt’s first non-bank online mortgage provider, has announced the launch of Egypt’s first non-bank mortgage finance mobile application and online platform, which will allow users to apply for the company’s numerous mortgage finance offerings seamlessly and rapidly.

The application lets users calculate the expected cost of their mortgage, upload documents and pay fees. It also includes a list of approved real estate projects that clients can choose properties from without having to provide supporting project-related documents. The same interface is available on the company’s website as well. It is designed to be native to all devices to ensure accessibility through desktops, tablets, or mobile phones.

“At Bedaya, we pride ourselves on having the fastest turnaround time in the industry, so I could not be prouder of the fact that since inception we have been working on architecting and building a seamless experience through an innovative app that gives clients instant access to facilitate their mortgage finance needs,” said Bedaya CEO & MD Tarek Abou Gendia.

“The Egyptian mortgage market is currently both underserved and under-penetrated. Our ultimate goal with this launch is to expand accessibility to mortgage financing, which is often a long and cumbersome process. This key access to financing is also expected to see the secondary market pick as it is currently a buyer’s market and will likely remain to be for the foreseeable future. The market has been lacking the availability of affordable financing solutions such as mortgage finance, which is a natural financing venue as seen in markets abroad,” added Tarek Abou Gendia.

Bedaya is a joint-venture launched in 2019 by EFG Hermes, Talaat Moustafa Group, and GB Capital (the NBFI arm of GB Auto). It provides diverse mortgage financing solutions over 10-year repayment periods at competitive interest rates, allowing clients to purchase residential, commercial, and administrative properties in Egypt. It funds up to 90% of the current property value for residential and 80% for commercial units, capped at EGP 25 million and EGP 50 million, respectively. Likewise, clients can refurbish their properties through its Ijarah program.

“Bedaya’s innovative online and mobile platforms are part and parcel of our strategy to offer a comprehensive, diverse range of non-bank financial services that fulfill unmet consumer needs. In its first two years of operations, Bedaya has grown its portfolio to EGP 300 million, attesting to the strength of its service offering and real demand for its long-term and competitive mortgage financing programs. Its unique value proposition, coupled with our NBFI companies’ track record when it comes to fintech solutions, give me confidence that we have the tools in place to gain a solid foothold in the market,” said Walid Hassouna CEO of the Non-Bank Financial Institutions (NBFI) platform at EFG Hermes.

Previous Article

June 21, 2021

Centrum and BharatPe to jointly build a Small Finance Bank

Read More
Next Article

June 21, 2021

Tesseract secures $25 mn in Series A funding led by Augmentum Fintech

Read More








IBSi Daily News Analysis

payment check out, Open Banking

April 23, 2024

Bedaya

UAE retailers lose millions annually on payments fraud; consumers’ wallets impacted

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Standard Chartered launches new Open Banking Marketplace

Read More

Today

Sopra Banking Software & Paymentology partner on card issuing services

Read More

April 22, 2024

Splitwise teams up with Tink to offer direct bank payments

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023