Cairo, Egypt – November 19, 2023 KashNow, a subsidiary of Noqood Holding, entered into a strategic partnership agreement with Sandah Microfinance, a microfinance company regulated and supervised by the Financial Regulatory Authority in Egypt. The collaboration aims to deliver innovative financial solutions to micro-entrepreneurs, fostering financial inclusion through the digitization of financial transactions.
Under this agreement, micro-entrepreneurs can easily apply for financing from Sandah through the user-friendly KashNow app in simple and easy steps.
This agreement comes as part of the state’s efforts to facilitate regulatory procedures to enhance the role of startups. The monthly report of the Financial Regulatory Authority revealed an increase in the number of beneficiaries from microfinance companies to 4,280 beneficiaries by the end of August 2023, with a value of 4.03 billion Egyptian pounds. This is compared to 1,270 beneficiaries by the end of August 2022, with a value of 1.19 billion Egyptian pounds.
In this context, Eng. Amr Salem, the CEO of KashNow for FinTech Solutions, stated: “We are pleased to sign this strategic partnership, which reflects our commitment to supporting the vision of the Egyptian state in developing micro-sized projects, enhancing financial inclusion, and stimulating the growth of the national economy.”
Salem added, “This partnership will effectively contribute to expanding the range of financial services offered, enhancing access to financial services for all segments of the Egyptian society. Customers can now easily submit micro-loan applications through the KashNow application, providing them with a unique and convenient financial experience tailored to their needs.”
Mr. Suhail Rashwan, CEO and Managing Director of Sandah, noted that the partnership with KashNow aims to extend microfinance services to more Egyptian micro-entrepreneurs, offering innovative and comprehensive financial solutions through the KashNow app. Rashwan stressed the importance of digitization in achieving sustainable and inclusive growth, expanding financial inclusion, and promoting electronic transactions.
Mr. Ahmed Saleh, Business Development Director at Sandah, added: “There is a link between digital transformation and financial inclusion, which allows the provision of many financial and non-financial options in the field of micro-enterprises, which fosters a more vibrant economy and accelerates the growth of Egypt’s GDP”.
KashNow application offers a diverse range of innovative financial solutions, including gold investment and savings options through investment funds. Additionally, users can benefit from comprehensive medical services, ranging from home visits and medical tests to remote medical consultations and prescription ordering, with coverage up to 10%. KashNow app allows applying for a consumer finance account to purchase various goods and services, with the option to pay bills
and installment plans. Furthermore, the application provides discount coupons and offers on products, restaurants, and entertainment venues, along with the ability to purchase micro-insurance polices.