According to a press release, One Finance has rolled out its services in Egypt, using its issued and paid-up capital worth 100 million EGP to enable companies to create BNPL models for their clients.
One Finance is looking to offer an integrated consumer finance solution with different types of repayment methods. The company operates in a diverse subset of businesses, including consumer goods and services, consumer electronics and durables, auto loans, education costs, home finishing, and other sectors essential to meeting Egyptian consumer demand. It is working.
The size of consumer financial services has reached about 15 billion EGP and is expected to reach 50 billion by 2026.
According to Tarek Elhousseiny, chairman of One Finance, expansion is necessary due to global economic instability and consumer financial services are needed to support purchasing needs.
“This has led to increased demand in the sector to hedge the risk of liquidity shortages, especially in light of continued price increases and rising consumer spending. To close the gap between consumption and living expenses. is a safe tool,” he said.
He also added that One Finance’s model helps address different classes of society and their ability to raise funds.
In addition to this, One Finance also worked with Walmart, which previously acquired the company, to recently help retailers open branches in their bank accounts.
Read more: Walmart Takes First Steps to Launch One Digital Bank
In September, Walmart announced it was working with Fintech One to provide banking accounts and related services for its 1.6 million employees.
One is a neobank that offers checks and basic banking services. Walmart could use this to roll out investments and credits in the future.
In other news related to payments innovation in Egypt, MENA payments and shopping app Tabby will partner with payments facilitator Paymob to enable merchants on Paymob’s network to use Tabby’s BNPL service. I am aiming.
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 purchases. We need a technology infrastructure that enables plug-and-play solutions that
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