FABMISR and Cayesh Join Forces to Revolutionize Financial Services for Egyptian MSMEs

FABMISR and Cayesh Join Forces to Revolutionize Financial Services for Egyptian MSMEs

By Staff Writer, 11 June 2024

In a move set to reshape Egypt's financial landscape, First Abu Dhabi Bank Misr (FABMISR), a key player in Egypt's financial sector, has teamed up with Cayesh, a leading figure in supply chain finance within the nation. This strategic partnership aims to roll out innovative lending initiatives tailored specifically for micro, small, and medium enterprises (MSMEs), leveraging FABMISR's extensive corporate portfolio. With an initial investment commitment of EGP 1 billion in its inaugural year, the collaboration anticipates scaling up the fund to EGP 3-4 billion in the following year.

Endorsed by the Central Bank of Egypt, this alliance signals a significant milestone in Egypt's fintech finance sector. The primary objective of this partnership is to address the working capital deficit, a pressing challenge faced by MSMEs amid the current economic conditions, thus driving forward the growth of Egyptian businesses.

Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, underscored the strategic significance of the alliance, stating, "FABMISR remains steadfast in its commitment to innovation and excellence. Our collaboration with Cayesh underscores our strategic objective to leverage cutting-edge technology and financial solutions to empower businesses and foster sustainable development." He further added, "Combining Cayesh's expertise in developing accessible platforms with FABMISR's robust infrastructure positions us to revolutionize Egypt's financial services landscape, creating new opportunities and contributing to the economic prosperity of our clients and the nation."

Mahmoud Hassan, Founder and CEO of Cayesh FinTech, echoed Fayed's sentiments, emphasizing the strategic value of the partnership. "Our alliance with FABMISR—a reputable player in the Egyptian market renowned for its dynamic SME lending programs—is a significant milestone," Hassan remarked. He continued, "This partnership aims to have a transformative impact during a critical period in Egypt's financial sector, aiming to rejuvenate the country's economic sectors through the adoption of cutting-edge technology and the implementation of innovative financial strategies, ultimately fostering sustainable growth for MSMEs."

This substantial investment reflects the unified vision of FABMISR and Cayesh to drive fintech innovation, nurturing financial creativity, economic development, and prosperity across Egypt.

Source: Daily News Egypt

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