Beltone’s subsidiary ‘Cash for Microfinance’ announces increasing capital base to reach LE500m

Beltone’s subsidiary ‘Cash for Microfinance’ announces increasing capital base to reach LE500m

Beltone, one of the fastest-growing investment banks, announced its expansion plans and strategic objectives of Cash for Microfinance, a wholly owned subsidiary of Beltone, by increasing the capital base to 500 million EGP to customers, especially in remote areas.

Cash will be offering innovative solutions that meet its customers’ needs in various underserved areas, to create a social and economic impact by providing more than 3,000 job opportunities for young people directly and 60,000 jobs indirectly by reaching economically active customers with financial needs

 The main aim is to go for the expansion during the first year, with a focus on technological and digital solutions to provide distinguished services to reach its strategic goals in addition to developing and raising the efficiency of the Company’s task force.

The company plans to strengthen its reach by increasing its branches capacity across Egypt and launching many mobile branches, to make its financial services available to customers, especially in remote areas.

Morcos Nabil, Cash for Microfinance CEO commented: “We look forward to enriching the market by adopting an ambitious rollout plan and providing innovative financing solutions to customers in light of the expected growth rates and increase in demand for financing, in accordance with our strategic plans and feasibility studies for the market. 

“We aim to increase the number of branches to 50 branches by the end of 2023, to reach 150 branches by the last quarter of 2024, to provide financing solutions to more than 100,000 customers during the coming period by expanding throughout Egypt, especially in underserved areas in Upper Egypt, Nile Delta, El Wadi Elgedid and the Red Sea. The Company has inaugurated 5 new branches during the past few days after completing the acquisition by Beltone and obtaining the Financial Regulatory Authority’s approvals,” Nabil added.

The company intends to apply for small and medium-sized enterprises financing licenses from the Financial Regulatory Authority, which will allow customers to obtain financing worth up to EGP5 million per project, which will reflect positively on the size and growth of the Company’s portfolio and allow it to reach new segments of customers, to support financial inclusion and the culture of entrepreneurship. 

On another front, Cash for Microfinance is completing an ambitious plan to partner with one of the specialized international bodies that supports women’s economic empowerment. This collaboration aims to provide job opportunities with extended technical and financial support.

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