Egyptian start-ups Qardy and Sandah to boost SMMEs

Egyptian start-up Qardy, a marketplace and aggregator for debt financing, has partnered with Sandah, a prominent microfinance start-up, to empower and support SMMEs across the North African country. This collaboration signifies a pivotal step towards equipping businesses with the tools and resources to thrive in a fiercely competitive business landscape.

It comes at a time when Egypt’s SMME sector is poised for growth, yet faces challenges related to access to capital and financial services.

This alliance seeks to bridge the financial gap by offering a comprehensive suite of products and services tailored to address the diverse needs.

Founder of Qardy, Abdel Nabi, expressed his enthusiasm for the collaboration, stating, “We are thrilled about this strategic partnership with Sandah; together, we aim to expand our coverage to encompass the entire spectrum of the MSME sector. Our goal is to provide tailored financial products that enable MSMEs to manage their cash flow cycles effectively and meet their working capital requirements.”

Suhail Rashwan, managing director of Sandah Microfinance, emphasised their commitment to working with partners to provide business owners with innovative and suitable financing solutions. He highlighted the alignment of this initiative with the Egyptian government’s plans to ensure widespread access to financial services, stimulate economic growth, and promote the use of microfinance, particularly among the youth.

Sandah Microfinance, established in 2018 under Egypt’s microfinance law, has been working diligently to cater to the needs of the country’s burgeoning and underserved market. Its mission is to offer financial support to small enterprises, creating job opportunities and fostering economic development for the nation’s aspiring entrepreneurs. With a presence in numerous Egyptian governorates, Sandah leverages electronic channels and financial technology to extend its reach to as many customers as possible.

Rashwan said, “Sandah, in collaboration with Qardy, aspires to deliver a unique experience by offering comprehensive solutions that cater to the diverse requirements of business owners and extend our reach to a broader customer base across various regions and governorates.”

This strategic partnership between Qardy and Sandah holds immense promise for Egypt’s SMMEs, providing them with the financial tools and resources needed to thrive in today’s dynamic business environment. As the collaboration unfolds, it is expected to contribute significantly to the growth and development of the economy, fostering entrepreneurship and job creation.

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