FABMISR, Cayesh ally to elevate fintech finance in Egypt

Daily News Egypt
2 Min Read

First Abu Dhabi Bank Misr (FABMISR), a leading financial institution in Egypt, has forged a strategic alliance with Cayesh, the pioneer in supply chain finance within the country. This collaboration is set to introduce innovative lending initiatives tailored for micro, small, and medium enterprises (MSMEs) and capitalise on FABMISR’s extensive corporate portfolio. The initiative pledges an initial investment of EGP 1bn in its inaugural year, with prospects to increase the fund to EGP 3-4bn in the subsequent year.

Endorsed by the Central Bank of Egypt, this alliance represents a transformative step in Egypt’s fintech finance sector. The partnership is dedicated to narrowing the working capital deficit—a critical challenge for MSMEs under the prevailing economic climate—thereby catalysing the advancement of Egyptian enterprises.

Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, emphasized the alliance’s importance, remarking, “FABMISR is steadfast in its dedication to innovation and excellence. Our collaboration with Cayesh is a testament to our strategic intent to harness state-of-the-art technology and financial solutions to bolster businesses and promote sustainable development. Merging Cayesh’s proficiency in crafting accessible platforms with FABMISR’s solid infrastructure positions us to transform Egypt’s financial services landscape, creating novel prospects and contributing to the economic well-being of our clientele and the nation.”

Mahmoud Hassan, Founder and CEO of Cayesh FinTech, highlighted the partnership’s strategic value, stating, “Our alliance with FABMISR—a stalwart in the Egyptian marketplace known for its dynamic SME lending programs—is a cause for celebration. This partnership is poised to make a profound impact during a pivotal period in Egypt’s financial domain, striving to rejuvenate the country’s economic sectors by leveraging cutting-edge technology and executing groundbreaking financial strategies, ultimately driving sustainable expansion for MSMEs.”

This significant investment reflects FABMISR and Cayesh’s unified vision to innovate fintech finance, nurturing financial ingenuity, economic development, and prosperity throughout Egypt.

 

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