Integrated consumer financing platform One Finance has launched its buy now pay later (BNPL) service in Egypt.
The company launched the service with an issued and paid capital of EGP100m ($5m) to enable consumers to adopt the BNPL model.
The new integrated consumer financing platform is designed to help Egyptian consumers to manage their financial requirements from one single source, noted the company.
One Finance chairman Tarek Elhousseiny said: “One Finance is working towards boosting consumer financing services in Egypt; within the framework of the country’s 2030 vision.
“The company’s shareholders structure includes prominent, esteemed entities operating in the Egyptian market with an ambitious plan to serve this promising sector; backed by a veteran board of directors, which comprises distinguished leaders with diverse expertise in finance, retail, marketing, and technology.”
One Finance plans to expand its presence across Egypt with 90 new points of sale terminals and offices by next year.
One Finance CEO, deputy chairman and MD Hazem Madany said: “One Finance has an ambitious expansion plan, as it aims to establish strong presence across Egyptian governorates to reach the largest base of customers and support their financing needs.
“By 2023, we aim to have 90 points of sale, including 16 full-fledged branches. By the end of 2022, a total of eight branches are scheduled to open in the governorates of Cairo, Giza, Ismailia, Tanta, Shebin El-Kom, Kafr El-Sheikh, Assiut, and Minya.”
Founded in March this year, the company also aims to leverage various customised repayment models to cater to a wider customer base.
Currently, the company offers a financing limit that ranges between EGP10,000 and EGP6m. It also provides a number of payment schemes and installment plans that span up to 84 months.