FinTech One Finance launches BNPL solution in Egypt

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One Finance has rolled out its services in Egypt, with issued and paid-up capital worth EGP 100 million, enabling companies to build BNPL models for clients, a Press release said.

One Finance plans to offer integrated consumer finance solutions with different types of repayment methods. The company works in various subsets of businesses, including consumer goods and services, appliances and durable goods, auto loans, tuition, home finishing and other sectors vital to Egyptian consumers to meet their demands.

The volume of consumer credit services has reached around EGP 15 billion, and is expected to reach EGP 50 billion by 2026.

According to Tarek Elhousseiny, President of One Finance, the expansion is necessary due to global economic volatility, so consumer finance services are needed to meet shopping needs.

“This has translated into increased demand on the sector, to hedge against the risks of lack of liquidity, especially in light of the continued rise in prices and increased consumer spending; making it a safe and instrumental tool to bridge consumption and life financing gaps,” he said.

He also added that the One Finance model allows to address different classes of society and their financing capacities.

In addition to this, One Finance has also worked with Walmart, which acquired the company previously, recently to help the retailer’s branch open bank accounts.

Read more: Walmart takes first step towards 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 check offers and basic banking offers. Walmart could possibly use it to deploy investments and credit in the future.

In other news related to Egyptian payment innovations, payment and shopping app MENA Tabby has partnered with payments facilitator Paymob, with the aim of allowing merchants in the Paymob network to use the BNPL offer of Tabby.

Read more: Paymob helps Tabby develop BNPL in Egypt

“Today there is a strong demand for greater financial freedom and greater flexibility to allow consumers to shop,” said Ahmed Khalil, managing director of Tabby Egypt, in the announcement. “Retailers need the technology infrastructure that allows them to offer out-of-the-box solutions that provide financial freedom instantly at checkout, with no interest or fees.”

We are always looking for partnership opportunities with innovators and disruptors.

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https://www.pymnts.com/news/ipo/2022/fintech-ipo-index-down-5-5-as-3q-earnings-roll-out/partial/

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