- Partnership Overview:
- KashNow, a subsidiary of Noqood Holding, is partnering with microfinance company Sandah.
- Aimed at digitizing lending for Egyptian micro-entrepreneurs.
- Digital Loan Application:
- Small business customers can now submit loan applications through the KashNow app.
- Fintech firm’s effort to digitize financial transactions and promote financial inclusion.
- Sandah Background:
- Sandah, launched in 2018 by Arab African International Bank and Sanad Enterprise Support Facility.
- Provides financing to micro and very small enterprises (MVESEs) in Egypt.
- Focuses on businesses in commercial, agricultural, industrial, and service activities.
- Microfinance Growth:
- Egyptian Financial Regulatory Authority reports a 236% YoY increase in microfinance beneficiaries.
- August 2022: 1,270 companies securing $38 million.
- August 2023: 4,280 companies securing $130 million.
- Collaborative Goals:
- Ahmed Saleh, Sandah’s business development director, emphasizes the link between digital transformation and financial inclusion.
- Amr Salem, CEO of KashNow, aims for a unique and convenient financial experience, targeting all segments of Egyptian society.
- KashNow App Features:
- Besides B2B lending, KashNow app supports payroll management, salary advances, corporate cards, bill payment services, and fleet trip finance.
- Founded as a subsidiary of Cairo-based Noqood Holding in 2021.
