One Finance and ADVA have partnered to expand consumer financing in Egypt.
The two digital lending platforms announced the partnership on Monday (Dec. 5) in a press release that said the arrangement would facilitate payment plans across eight categories: finishing, education, health, travel, car maintenance, weddings and insurance.
“We are excited to cooperate with One Finance, which marks a significant step towards strengthening ADVA’s role in the consumer finance sector as a mediator between customers, service providers and collection partners,” ADVA’s founder and CEO Rania Gaafar said.
One Finance CEO Hazem Madany added that “signing this partnership with ADVA is part of One Finance’s commitment to expand its service offering and reach out to a new pool of customers by providing an integrated consumer financing experience through a one-stop-shop for different categories. We are keen on creating new partnerships with diverse entities to expand our market presence and increase our [customer] base.”
Buy now, pay later (BNPL) firms like ADVA that enable consumers to split the cost of purchases across multiple installments are gaining traction in Egypt, where many FinTechs are looking to tackle the country’s financial exclusion problem and create solutions for un- or underbanked Egyptians.
As the company stated in Monday’s release, the service is looking to increase access to credit for Egyptians, “especially those who are unable to obtain loans from other financial entities.”
One of the newest players in the space, One Finance only rolled out its BNPL product in Egypt in October.
In November, another Egyptian BNPL startup Blnk announced that it had raised a combined $32 million to help grow its lending platform, which allows merchants to offer installment repayment plans to their customers.
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