FABMISR and Cayesh Join Forces to Leverage Innovative Lending and Revolutionize Fintech Finance in Egypt
First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt, announced a landmark cooperation agreement with Cayesh, being the first supply chain finance company in Egypt. This partnership aims to leverage innovative lending programs for MSMEs and the robust large corporate portfolio of FABMISR. The program commits to deploying EGP 1 Billion in the first year, and with potential for expansion scaling up to EGP 3-4 billion beginning the second year.
This partnership marks a significant milestone in the evolution of fintech finance in Egypt, endorsed by the Central Bank of Egypt. FABMISR and Cayesh’s joint mission is to bridge the working capital gap, addressing one of the most pressing challenges for MSMEs amid current economic conditions, and to propel Egyptian businesses towards greater success.
Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, articulated the significance of this collaboration, stating: “At FABMISR, we are driven by a commitment to innovation and excellence in serving our clients. This partnership with Cayesh exemplifies our strategic approach to leverage cutting-edge technologies and financial solutions to empower businesses and drive sustainable growth. By combining Cayesh’s expertise in developing user-friendly platforms with FABMISR’s robust infrastructure, we are poised to redefine the landscape of financial services in Egypt, unlocking new opportunities and fostering economic prosperity for our clients and the nation as a whole.”
Mahmoud Hassan, Founder and CEO of Cayesh FinTech, underscored the strategic significance of partnering with FABMISR, saying: “We are delighted to collaborate with FABMISR, a cornerstone of the Egyptian market renowned for its competitive SME lending programs. This strategic partnership will significantly impact Egypt’s financial landscape transformative era, while aiming to revive the nation’s economic sectors through the utilization of advanced technologies and the implementation of innovative financial strategies, ultimately fostering sustainable growth for MSMEs.”
This substantial investment underscores the shared visions of both FABMISR and Cayesh to revolutionize fintech finance, fostering financial innovation, economic growth and prosperity across Egypt.
