Noqood Finance can now legally engage in financing small and medium-sized enterprises (SMEs) under the supervision of the national Financial Regulatory Authority – FRA – in Egypt.
Noqood Finance, a subsidiary of Noqood Holding, headquartered in Cairo, Egypt, has secured the final license from FRA to provide financial services to emerging local companies for the development and expansion of their businesses.
Noqood Finance aims to provide tailored financial investments and other innovative financial solutions for small and medium enterprises along with advisory services. The company wants to focus on supporting those projects that improve the quality of life in local communities and enhance the economic and social infrastructure of the country. Its vision complements the FRA’s nationwide efforts to support the nascent private sector players which might have influential and effective roles in the Egyptian economy.
“We are committed to providing financing services with the highest standards of quality and transparency. We strive to support small and medium-sized enterprises in achieving their success and business objectives. The company will serve as an advanced platform specialized in meeting the diverse and unique financial needs of small and medium-sized enterprises. It will continue to offer a diverse and affordable range of innovative financial solutions through its advanced capabilities.”
Hazem Anbar, CEO of Noqood Finance
Anbar believes that the acquisition of the final license by the startup is a sign of confidence in its ability to provide high-quality and market-compatible financial services to support the national vision for financial inclusion and digital transformation.
Noqood Holding was founded in July 2021. The holding consists of four subsidiaries: KashNow, that targets B2B2C and B2C segments with automation and digitisation services; Noqood Digital Payments for corporate clients; Noqood Digital Solutions responsible for digital financial services and integrations with external entities; and Noqood Finance provides financial investments and advisory services to SMEs in Egypt.
SMEs represent 95% to 98% of the total industrial enterprises in Egypt, representing 80% of Egypt’s GDP, 75% of the private sector employment, and 99% of the non-agriculture employment. Therefore, supporting them with adequate financial tools is a matter of national interest. Besides financial investments and advisory services, SMEs in Egypt may benefit from dynamically growing payment gateways, which serve as secure intermediaries for online transactions between companies and their customers.
