FinTech One Finance launches BNPL solution in Egypt
One Finance has rolled out its services in Egypt, with issued and paid-up capital worth EGP 100 million, which allows companies to create BNPL models for clients, a press release said.
One Finance looks at offering integrated consumer finance solutions with various types of repayment methods. The company works in various sub-segments of the business, including consumer goods and services, home appliances and durables, car loans, education fees, home finishing and other sectors that are essential for Egyptian consumers to meet their demands.
The volume of consumer finance services has reached around 15 billion EGP, expected to go up to 50 billion by 2026.
According to Tarek Elhousseiny, One Finance chairman, the expansion is necessary due to the economic volatility globally, so consumer finance services are needed to support purchasing needs.
“This translated into an increase in demand on the sector, to hedge against the risk of lack of liquidity, especially in light of continuous price increases and increase in consumer spending; making it an instrumentally safe tool to fill consumption and living finance gaps,” he said.
He also added that One Finance’s model helps address different classes of society and their financing capabilities.
In addition to this, One Finance also worked with Walmart, which acquired the company earlier, recently to help the retailer branch into bank accounts.
Read more: Walmart takes first step to launch digital banking with one
In September, Walmart announced it was partnering with FinTech One to offer bank accounts and related services to its 1.6 million employees.
One is a neobank that offers checking and basic banking services. Walmart could possibly use this to roll out investments and credit in the future.
In other news related to Egyptian payment innovations, MENA payment and shopping app Tabby has teamed up with payment facilitator Paymob, aiming to allow merchants on Paymob’s network to 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 plug and play solutions that provide financial freedom immediately at checkout, with no interest or fees.”
