FinTech One Finance Introduces a BNPL Solution in Egypt
A press release says that One Finance has started offering its services in Egypt with 100 million EGP in issued and paid capital. This lets companies make BNPL models for their clients.
One Finance intends to provide a variety of integrated consumer finance options with diverse payback options. In order to address the needs of Egyptian consumers, the firm operates in a variety of business subdivisions, including consumer products and services, household appliances and durable goods, vehicle loans, university fees, home finishing, and other sectors essential to the Egyptian consumer.
It is anticipated that the volume of consumer financing services would increase to 50 billion by 2026, from its current level of around 15 billion EGP.
According to Tarek Elhousseiny, the chairman of One Finance, the growth is necessary due to global economic uncertainty, which necessitates the provision of consumer finance services to meet consumer buying demands.
“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.
In addition, he said that the paradigm of One Finance assists in addressing the varying financial capabilities of different social groups.
In addition, One Finance recently collaborated with Walmart, which had bought the firm earlier, to assist the store in expanding into bank accounts.
In September, Walmart announced that it was collaborating with FinTech One to provide bank accounts and other financial services to its 1.6 million workers.
One is a neobank providing checking and basic banking services. This might be used in the future by Walmart to provide investing and credit services.
MENA payments and shopping app Tabby has partnered with payments facilitator Paymob to enable merchants on Paymob’s network to use Tabby’s BNPL service.
“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 want the digital infrastructure that enables plug-and-play solutions that provide instantaneous financial independence at checkout without interest or fees.”
