One Finance has rolled out its services in Egypt, with an issued and paid capital worth EGP 100 million, letting businesses make BNPL models for customers, a press release said.
One Finance looks at offering integrated consumer financing solutions with various kinds of repayment methods. The company works in various subsets of business, 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 volume of consumer finance services has reached around EGP 15 billion, expected to go up to 50 billion by 2026.
According to Tarek Elhousseiny, One Finance chairman, the expansion is needed because of the economic volatility globally, so consumer financing services are needed to support purchasing needs.
“This 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,” he said.
He also added that One Finance’s model helps address various classes in society and their financing abilities.
In addition to this, One Finance also worked with Walmart, which acquired the company previously, recently to help the retailer branch into bank accounts.
Read more: Walmart Takes First Step to Launching Digital Bank With One
In September, Walmart announced it was working with its FinTech One to offer bank accounts and related services to its 1.6 million employees.
One is a neobank offering checking and basic bank offerings. Walmart could possibly use this to roll out investing and credit in the future.
In other news related to Egyptian payments innovations, MENA payments and shopping app Tabby has teamed with payments facilitator Paymob, with the aim of letting merchants on Paymob’s network use Tabby’s BNPL offering.
Read more: Paymob Helps Tabby Expand BNPL in Egypt
“Today there is a strong demand for greater financial freedom and flexibility to enable consumers to make their purchases,” Ahmed Khalil, Tabby Egypt’s general manager, said in the announcement. “Retailers need the technology infrastructure that allows them to plug and play solutions that offer financial freedom instantly at checkout, without interest or fees.”
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