Fintech
FABMISR, Cayesh teams up to elevate fintech finance in Egypt
First Abu Dhabi Bank Misr (FABMISR), one of the leading financial institutions in Egypt, has entered into a strategic alliance with Cayesh, the pioneer in supply chain financing in the country. This collaboration is set to introduce innovative lending initiatives tailored for micro, small and medium enterprises (MSMEs) and leverage FABMISR’s extensive business portfolio. The initiative involves an initial investment of EGP 1 billion in its inaugural year, with the prospect of increasing the fund to EGP 3-4 billion in the following year.
Approved by the Central Bank of Egypt, this alliance represents a transformative step in Egypt’s fintech financial sector. The partnership is dedicated to reducing the working capital deficit – a key challenge for MSMEs in the prevailing economic climate – thereby catalyzing the progress of Egyptian businesses.
Mohamed Abbas Fayed, CEO and General Manager of FABMISR, highlighted the importance of the alliance, noting: “FABMISR is steadfast in its dedication to innovation and excellence. Our collaboration with Cayesh is a testament to our strategic intent to leverage cutting-edge financial technologies and solutions to support businesses and promote sustainable development. Combining Cayesh’s expertise in creating accessible platforms with FABMISR’s robust infrastructure enables us to transform Egypt’s financial services landscape, creating new perspectives and contributing to the economic well-being of our customers and the nation.”
Mahmoud Hassan, founder and CEO of Cayesh FinTech, highlighted the strategic value of the partnership, saying: “Our alliance with FABMISR, a benchmark in the Egyptian market known for its dynamic SME lending programs, is a cause for celebration. This partnership is set to have a profound impact during a crucial period in Egypt’s financial sector, seeking to rejuvenate the country’s economic sectors by leveraging cutting-edge technologies and executing game-changing financial strategies, ultimately driving sustainable expansion for MSMEs” .
This significant investment reflects FABMISR and Cayesh’s unified vision to innovate fintech finance, fostering financial ingenuity, economic development and prosperity across Egypt.