First Abu Dhabi Bank Misr (FABMISR) has teamed up with Cayesh, a specialist in supply chain finance to introduce new lending initiatives for micro, small, and medium enterprises (MSMEs) in Egypt.
The alliance, which will capitalise on FABMISR’s broad corporate portfolio, has pledged an initial investment of EGP 1bn in its inaugural year with potential for this to increase to to EGP 3-4bn in the subsequent year.
A key foucs for the partnership, backed by the Central Bank of Egypt, will be reducing the working capital deficit. This is seen as a critical challenge for MSMEs under the current economic climate and crucial to advancing Egypt’s fintech finance sector.
It is almost a year since Egyptian startup Cayesh received an award of $50,000 at Seamless North Africa to support its Supply Chain Finance business. The award was part of a new competition, launched by the Central Bank of Egypt in collaboration with Visa International.
Cayesh received the prize after impressing the judges with its solution for connecting suppliers to buyers and financial institutions and making working capital easier to manage and mobilise for supply chain stakeholders.
Speaking on the deal, Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, said “Merging Cayesh’s proficiency in crafting accessible platforms with FABMISR’s solid infrastructure positions us to transform Egypt’s financial services landscape, creating novel prospects and contributing to the economic well-being of our clientele and the nation.”
Mahmoud Hassan, Founder and CEO of Cayesh, added: “This partnership is poised to make a profound impact during a pivotal period in Egypt’s financial domain, striving to rejuvenate the country’s economic sectors by leveraging cutting-edge technology and executing groundbreaking financial strategies, ultimately driving sustainable expansion for MSMEs.”
