Ayady for Investment and Development has revealed that NI Capital Holding for Financial Investments — the investment arm of the National Investment Bank — has completed the establishment of the Egyptian Company for Consumer Finance Services with an issued and paid-in capital of EGP 100m in accordance with Law No. 18 of 2020.
The company aims to meet the market’s need for new financing solutions to purchase goods and services for consumer purposes in addition to providing more easy payment options for customers.
It will provide its customers with easy access to financing by offering several innovative financing products to help them in their daily lives.
The Egyptian Company for Consumer Finance Services is expected to launch its first financing solutions during the third quarter (3Q) of 2022, and the structure of its shareholders consists of: Ayady Investment and Development, Post Investment, and Tamweli Microenterprise.
Osama Saleh — the Chairperson of Ayady — said that the establishment of the company falls within Ayady’s strategy to diversify its investments in different sectors and increase the target groups of investments.
He added that the new company will contribute to meeting the financial needs of individual customers and will also help merchants provide several payment options according to the needs of each customer.
Mohamed Metwally — the CEO and Managing Director of NI Capital Holding — revealed that the establishment of the Egyptian Company for Consumer Finance Services is an important step in developing the non-banking financial sector to support the purchasing power of the Egyptian citizen by providing long-term financing means, which increases the demand for products.
Hazem Kamel — an investment manager at Ayady — said that the direct investment sector in NI Capital is responsible for managing Ayady’s investment portfolio, pointing out that work is underway to integrate the portfolio in important areas and sectors for the Egyptian economy, especially the non-banking financial sector, in addition to synergising opportunities for cooperation and integration among the portfolio companies under management.
The Board of Directors of the Egyptian Company for Consumer Finance Service includes a group of cadres with diverse experiences in the field of finance, headed by Tarek Al-Husseini — the former executive vice president of Visa in North Africa.
Ahmed Abdullah, the CEO and Managing Director of Post Investment — the investment arm of the National Post Authority — said that the cooperation with Ayady in establishing the new company comes within the company’s strategy to diversify its investments in different sectors with the aim of transforming the Postal Authority into an entity and an integrated platform with services to raise the standard of living.
For his part, Ahmed Khorshid — the CEO and Managing Director of Tamweely for microfinance — said that there has been a noticeable growth in the demand for consumer financing services in the market over the past two years, which created a gap that the new company will work to fill by providing easy and innovative financing solutions aiming to maximise the value offered to individuals and merchants alike.