The Sovereign Fund of Egypt (TSFE) and Etisalat Egypt by e& have launched fintech company “Erada Microfinance” with the aim of providing micro and small enterprises (MSEs) access to a range of financial services.
The partnership, which is in line with Egypt’s Vision 2030, will seek to support financial inclusion and create opportunities for the youth said a statement announcing the agreement.
The founders and shareholding structure of Erada in addition to TSFE and Etisalat Egypt by e&, includes Air Abouelazm, an industry veteran in the area of non-banking financial services who has also been appointed as Vice Chairman and CEO of Erada.
In Egypt, the number of beneficiaries who have received microfinance loans is on the rise, with a 46% annual growth rate at the end of September 2022, reaching some EGP 35.50 billion, and 3.80 million beneficiaries. Of this, 60% – or 2.30 million beneficiaries -were women while 64% were youth.
CEO of TSFE Ayman Soliman said that Egypt is well positioned for an immediate and full launch of its digital economy in line with TSFE’s Financial Services and Fintech Subfund’s strategy of creating value and returns across all sectors.
In 2021, the global leading technology conglomerate e& reported consolidated revenues of AED 53.30 billion and consolidated net profit of AED 9.30 billion. Over the span of 15 years, Etisalat Egypt’s investments have exceeded EGP 70 billion.
