Overview

2018 has been an exciting year for EFG Hermes Finance, the Group’s NBFI platform, with a rapid and ambitious plan for diversification taking effect and exceptional results being seen. Since its foray into the non-bank financial service space, EFG Hermes has consistently managed to launch a new offering every year as part of a Group-wide expansion strategy.

In 2015, EFG Hermes launched EFG Hermes Leasing. Over three years of full operations, the company currently stands as one of Egypt’s top-ranked financial leasing providers by market share. The following year witnessed the acquisition of Tanmeyah Microenterprise Services, Egypt’s largest private sector microfinance provider, which continues to lead in terms of market share and geographic reach in rural areas within Egypt. As it grows, it has continued to expand its team to meet the growing demand from both current and potential clients.

The fourth quarter of 2017 witnessed the launch of valU, the only fintech platform of its kind in the MENA region. It has since gained massive traction among multiple client segments and retail subsectors as well as successfully positioned itself as the most innovative sales-through-installment offering in Egypt. Currently, valU has a widespread reach of more than 1,500 points-of-sale spread across over 200 different vendors and delivered 156 cars to uber partners.

In 2018, we launched our greenfield venture into factoring — EFG Hermes Factoring — to meet the demand that businesses had for immediate cash flow. Having acquired the license by the end of the first quarter of the year, EFG Hermes Factoring has accumulated a sizeable portfolio of clients and contracts in less than a year of full operations. Currently, EFG Hermes Factoring offers domestic and export recourse facilities, domestic and export non-recourse facilities, international factoring, reverse factoring and purchase order financing — a full spectrum of factoring services that caters to the demand of clients of all sizes across various industries.

To expand our fintech offerings, the tail end of 2018 saw the launch of EFG EV — a unique combination of EFG Hermes’ financial expertise and the entrepreneurial chops of Egypt Ventures to make up one of Egypt’s most powerful fintech-focused startups. The venture seeks not only to provide fintech entrepreneurs with seed capital but to fuel their growth with access to mentorship and training as we do our part to foster a push toward greater technological and financial inclusion in Egypt.

Our continued growth and success in 2018 has fueled the NBFI platform’s various teams to achieve even greater gains in 2019. The dedication, professionalism and corporate citizenship of our highly skilled teams across EFG Hermes Leasing, Tanmeyah, valU and EFG Hermes Factoring will continue to innovate and add value to drive the Group-wide strategy of diversification and expansion.

Walid Hassouna ,
Chief Executive Officer, EFG Hermes Finance
Group Head of Debt Capital Markets