Egypt’s KashNow partners Sandah to provide small businesses with access to financing
Noqood Holding subsidiary KashNow is digitising lending for Egyptian micro-entrepreneurs through a new partnership with microfinance company Sandah.
Amr Salem, CEO of KashNow, and Suhail Rashwan, CEO of Sandah
Small business customers will now be able to submit loan applications through the KashNow app as part of the fintech firm’s attempt to digitise financial transactions and promote financial inclusion.
Launched by the Arab African International Bank and the Sanad Enterprise Support Facility in 2018, Sandah provides financing to micro and very small enterprises (MVESEs) in Egypt.
The main beneficiaries of its lending are small businesses operating commercial, agricultural, industrial and service activities.
Its new agreement with KashNow comes as figures from the Egyptian Financial Regulatory Authority (EFRA) suggest that the number of microfinance beneficiaries is on the rise.
The regulator is reporting a 236% year-on-year increase in the number of microfinance beneficiaries, from 1,270 companies securing $38 million in August 2022 to 4,280 securing $130 million in August 2023.
Sandah’s business development director, Ahmed Saleh, recognises the close ties between digital transformation and financial inclusion, which he says can foster “a more vibrant economy and accelerates the growth of Egypt’s GDP”.
Adding to this, Amr Salem, CEO of KashNow for fintech solutions, claims that the new functionality will provide customers with “a unique and convenient financial experience”, and that the partnership will seek to target “all segments of Egyptian society”.
Aside from its B2B lending activities, the KashNow app also supports payroll management, salary advances, corporate cards, bill payment services and fleet trip finance. It was founded as a subsidiary of Cairo-based financial solutions provider Noqood Holding in 2021.
