Kashat launches national nano-credit campaign
Our friends at Kashat, Egypt’s first nano-lender, have launched a second pilot backed by a national-scale marketing campaign designed to bring more unbanked consumers into the financial system. Kashat offers small, productive loans using “alternative data signals” to profile the risk of individual borrowers. The national pilot will cover nine governorates after a trial in Cairo and Alexandria. Kashat is regulated by the Financial Regulatory Authority (FRA) and thanked the regulator for its “tireless efforts to move the needle on inclusion and a forward looking approach that has allowed for products like ours to create intervention for those who need it the most.”
IN OTHER INDUSTRY NEWS- Ebtikar and Abdul Latif Jameel are both embarking on new non-banking financial services ventures:
- Ebtikar has one eye on its stock market debut: Al Mal reported at the weekend that Ebiktar will set up a new NBFS unit named Basata, a plan that has earned the approval of Ebtikar’s majority shareholder, MM Group. Setting up a new subsidiary is meant to give Ebtikar and EFG Hermes — which is quarterbacking the IPO — the freedom to move assets around and better structure the Ebtikar’s portfolio ahead of a potential 25-30% stake sale on the EGX this quarter.
- And Abdul Latif Jameel has a consumer finance license: Managing director and CEO of ALJ Finance Mohamed Al-Jazzar told Al Shorouk that the Saudi company has landed a consumer finance license and plans to launch several products in the coming months.