Integrated financial services platform One Finance has announced that it is rolling out a new buy now, pay later (BNPL) product for the Egyptian market, according to an Oct. 16 press release.
The company says it serves a range of different financing categories, including consumer goods and services, household appliances and durable goods, auto loans, education fees, home finishing, and other sectors vital to Egyptian consumer in order to meet their demands, the announcement said.
The company says it is targeting a a 12% share of the local market which currently stands at about the equivalent of $750 million and is pegged to triple in the next four years.
According to One Finance Chairman Tarek Elhousseiny, the expansion is needed to mitigate the impacts global economic volatility which has heightened demand for consumer financing services that support purchasing needs.
“This [has] translated to an increase in demand on the sector, in order to hedge against the risks of lack of liquidity, especially in light of continuous price hikes and increase in consumer spending; making it an instrumental safe tool to fill consumption and living financing gaps,” Elhousseiny said, nothing that One Finance’s model helps address various classes in society and accounts for their unique financing abilities.
In addition, the company said it plans to establish a strong a wide presence in the country, which has the fourth largest GDP of Arab League nations.
“By 2023, we aim to have 90 points of sale, including 16 full-fledged branches. By the end of 2022, a total of 8 branches are scheduled to open” in eight of Egypt’s 27 governorates, said Hazem Madany, deputy chairman and CEO of One Finance.
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