KashNow partners with Sandah

The agreement between KashNow and Sandah follows Egypt’s efforts to facilitate regulatory procedures to improve the role of startups in the region. Considering the current environment, representatives from KashNow stated that the partnership underlines the company’s commitment to supporting the objective of the Egyptian state in developing micro-sized projects, improving financial inclusion, and fostering the growth of the national economy. Moreover, the collaboration intends to contribute to expanding the suite of financial services provided, enhancing access for all segments of Egyptian society. The two companies allow customers to submit a micro-loan application through the KashNow app, offering them a convenient financial experience customised to their requirements. According to Sandah’s officials, digital transformation supports financial inclusion, enabling the provision of financial and non-financial options for microenterprises, which accelerates the growth of Egypt’s Gross Domestic Product (GDP).

By having access to the Kashnow application, customers receive a diverse range of financial solutions, including gold investment and savings options through investment funds. Moreover, users have access to medical services such as home visits, medical tests, remote medical consultations, and prescription ordering, with coverage of up to 10%. The app enables applying for a consumer finance account to acquire several goods and services, with the possibility to pay bills and instalment plans. The Kashnow app also provides discount coupons and offers on products, restaurants, and entertainment venues, as well as the ability to purchase micro-insurance policies.

Egypt experienced considerable growth in the fintech industry, with the latest report from FinTech Egypt showing that the startup ecosystem expanded by more than five times since 2018, reaching a total of 177 companies and PSPs, in more than 14 sub-sectors. Fintech and fintech-enabled startups, as well as PSPs, attracted a total of USD 796.5 million in investments, while private equity amounted to USD 437.7 million and venture capital to USD 358.8 million, with the number multiplying by 28.7 times since 2020.

The banking sector also had a significant role in fostering the growth of fintech and fintech-enabled startups in Egypt by providing the financial infrastructure, entering collaborations with them, and offering direct and indirect investments into them, with a total equivalent to USD 290 million in 2022. Furthermore, the Egyptian Regulatory and Supervisory Authorities also played an important role in this expansion, through developing policies and regulatory legislation, as well as by launching initiatives that can help the fintech ecosystem. 

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