• Qardy and AlKheir Microfinance collaborate to support micro businesses in Upper Egypt and the northern Delta with customized financial solutions.
• The partnership focuses on bridging the financial gap, improving cash flow, and enhancing access to working capital for local businesses.
• AlKheir aims to expand to 30 branches by 2024, driving financial inclusion and economic development in underserved areas.

Egypt’s online lending marketplace Qardy and AlKheir Microfinance have entered into a strategic partnership to offer financial support to microfinance businesses in Upper Egypt and the northern Delta region, according to an official statement.

According to Tamer Manasterly, COO & Co-Founder of Qardy, “We are thrilled about this strategic collaboration with AlKheir. Together we aim to expand our coverage to upper Egypt and delta, providing micro businesses within these locations with tailored financial products to both manage their cash flow cycles and cover their working capital needs.”

Expanding Financial Inclusion and Digital Transformation

This collaboration is to empower microbusinesses by providing them with customized financial solutions tailored to meet the sector’s unique needs. By addressing the challenges faced by these enterprises, the initiative aims to help them thrive in a competitive market environment.

Moreover, the partnership’s core objective is to bridge the financial gap in the microfinance sector through a diverse range of products and services.

These offerings will also focus on improving cash flow management and enhancing access to working capital. It is ultimately fostering sustainable growth for businesses in these underserved regions.

According to ALKHEIR CEO Hanaa ElHilaly, we are honored and delighted to engage in this constructive collaboration.

Furthermore, It aimed at promoting the concepts and culture of financial inclusion and digital cash transformation in the country, addressing the needs of Egypt’s vast market.

“We look forward to expanding soon with a significant number of branches across Upper Egypt and the Delta regions, targeting 30 branches by the end of 2024,” ElHilaly added.

Microfinance’s Commitment to Economic Development

Founded in 2022, Qardy operates as a fully digital platform, offering financing solutions to micro, small, and medium-sized enterprises (MSMEs).

Additionally, their offerings include supply chain financing, short-term working capital loans, and asset-based financing. It is designed to bridge the financing gap in Egypt’s MSME sector and support businesses in managing their cash flow cycles.

AlKheir Microfinance, got the license from Egypt’s Financial Regulatory Authority (FRA) in 2022. The company is focusing on promoting economic development through microloans.

Its goal is also to create jobs and foster economic growth in Upper Egypt and the northern Delta region. This is by providing essential financing to underserved communities.