FRA licenses EFG Finance to launch SMEs finance firm in Egypt

PHOTO

EFG Finance, the non-bank financial institutions (NBFI) arm of EFG Holding, has obtained the required license from the Financial Regulatory Authority (FRA) to launch a new subsidiary specialized in providing financial services tailored for small and medium-sized enterprises (SMEs), as per a statement.

The new subsidiary is expected to be launched in the second quarter (Q2) of the current year.

Via this new company, EFG Finance seeks to widen its product and service base to fill in the gap in the financial services sector, especially financing SMEs through Tanmeyah’s services.

“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,” EFG Finance’s Aladdin ElAfifi commented.

“Through this new company, we aim to empower these enterprises with access to innovative financial solutions, leveraging cutting-edge technology and extensive industry experience,” he added.