Latest news with #nonbankingservices
Zawya
09-07-2025
- Business
- Zawya
Egypt: Catalyst Partners Middle East approves $56mln share swap deal to acquire Qardy, Catalyst Holding
Arab Finance: Catalyst Partners Middle East, the first licensed special purpose acquisition company (SPAC) in Egypt, has secured shareholder approval to acquire Qardy for Digital Applications and Catalyst Partners Holding in a share swap deal valued at EGP 2.8 billion, as per a press release. The acquisitions were approved during CPME's extraordinary general assembly, with 99.95% of the issued capital represented at the meeting. The vote excluded founders and related parties, in accordance with the approved terms and valuation ratios. The transaction is based on a fair valuation conducted by BDO Keys Financial Consulting, an independent advisor accredited by the Financial Regulatory Authority (FRA). Qardy operates in digital financial solutions, while Catalyst Partners Holding is involved in non-banking financial services. The acquisitions support CPME's plan to build a unified platform in the non-banking financial services sector that serves a range of businesses, from corporates to SMEs and microenterprises. The assembly also approved allocating proceeds from CPME's December 2024 private placement, carried out through a capital increase, to expand Catalyst Leasing's and Catalyst Factoring's activities. The transaction is intended to improve coordination across group companies and support the company's broader approach to financial services, with a focus on fintech and financial inclusion, according to the board of directors. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
08-05-2025
- Business
- Zawya
FRA explores ways to promote Egypt's financial inclusion
Arab Finance: Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA), discussed joint cooperation with the Ministry of Local Development and the Social Housing and Mortgage Finance Fund (SHMFF) to enhance financial inclusion and achieve sustainable economic development, as per a statement. In a meeting with local development minister Manal Awad Mikhail and CEO of SHMFF May Abdel Hamid, Farid explored mechanisms to benefit from non-banking financial services and insurance products provided by entities subject to the FRA's supervision. These include capital market activities, non-banking financing services, including real estate financing, financial leasing and factoring, and consumer financing, in addition to different types of insurance activities. Furthermore, the meeting addressed how entities within the Ministry of Local Development, including governorates and the Social Housing Fund, can leverage these services to boost economic and social stability and lower the burdens resulting from any potential risks. On his part, Farid highlighted that the FRA aims to develop and provide innovative financing, investment solutions, and insurance coverage that meet the needs of citizens across various governorates, especially those in need. The three officials agreed to form joint working groups from the FRA, the Local Development Ministry, and the fund to implement a plan for cooperation during the coming period and determine intervention priorities based on needs. The aim is to ensure that non-banking financial services reach the largest possible segment of citizens, in a manner that benefits them and enhances social stability. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
08-05-2025
- Business
- Zawya
Egypt's FRA, Local Development Ministry, and SHMFF coordinate to expand non-banking services
Egypt - In a move to expand access to non-banking financial services nationwide, the Financial Regulatory Authority (FRA) held a high-level coordination meeting with the Ministry of Local Development and the Social Housing and Mortgage Finance Fund (SHMFF). The meeting brought together FRA Chairperson Mohamed Farid, Minister of Local Development Manal Awad, and SHMFF's CEO Mai Abdel Hamid. The discussions focused on establishing collaborative frameworks to deliver FRA-regulated financial and insurance services to broader segments of the population, particularly in underserved governorates. The initiative supports Egypt's national strategy for financial inclusion and sustainable development. Participants reviewed a broad spectrum of non-banking financial tools, including mortgage finance, leasing, factoring, consumer finance, and capital market products, as well as insurance services. The aim is to leverage these tools to enhance economic resilience at the local level and protect vulnerable citizens from financial risks. Farid stressed the FRA's commitment to strengthening partnerships with government institutions to demonstrate how non-banking solutions can support development goals. 'We are working to design innovative financing, investment, and insurance services tailored to the needs of citizens in governorates across Egypt, especially in marginalized and rural communities,' he said. He highlighted the importance of integrating efforts with the Ministry of Local Development to extend financial services to villages and districts targeted by national initiatives, particularly those under the Decent Life program and local development strategies. Minister Manal Awad underscored the value of this partnership, describing it as a pivotal step toward empowering governorates with modern financial tools. 'Our goal is to foster an enabling environment where citizens can access effective financial and insurance services, raise their living standards, and create local job opportunities,' she said. Awad also stressed the need to enhance financial literacy and public awareness of available services to ensure active citizen participation in economic life. To translate the initiative into action, the parties agreed to form joint working groups comprising representatives from the FRA, the Ministry of Local Development, and the SHMFF. These teams will develop an implementation roadmap based on local priorities, aiming to ensure the broadest possible access to non-banking financial services. The collaboration is seen as a model for institutional integration, aligning efforts among key state bodies to accelerate progress toward Egypt's sustainable development goals and improve the quality of life across all governorates.
