Reefy jumps average customer financing to EGP 200 million per month during 2021
Ahmed Labib, managing director and CEO of “Reefy” for microfinance services, one of the companies affiliated with the “CI Capital Holding” group, revealed the growth of the average monthly financing provided to clients from 120 million pounds during 2020 to 200 million in 2021.Labib confirmed, in exclusive statements to Al Mal, that the number of new clients increased by about 11,000 during the entire year 2020, which represents approximately 25% of the volume of increase during 2021, as the company succeeded in attracting nearly 10,000 clients. New every three months.He explained that the growth rates in the company’s financing portfolio exceeded the 65% barrier during 2021, compared to an average cumulative annual growth rate of 28% over the previous three years from 2018 to 2020.
Labib indicated that his company is considering applying to the Financial Supervisory Authority to obtain a license to engage in the activity of financing small and medium enterprises (SMEs), in line with the legislative amendment issued by the authority recently.
The CEO of Reeve explained that financing medium and small projects requires a strong technological infrastructure, greater geographical spread, and a different nature of workers, which are the capabilities that Reeve has.
It is noteworthy that small projects are those existing projects whose annual turnover ranges between one million and 50 million pounds, while medium projects are those whose turnover ranges between 50 and 200 million pounds.
Labib confirmed that Rifi is also studying obtaining a license to practice micro-leasing, which would allow financing capital assets and industrial, production, service or commercial equipment.
Labib: We are negotiating with 4 banks over 800 million facilities. In a related context, he confirmed that his company is negotiating with 4 banks to arrange credit facilities ranging between 600 and 800 million pounds during the next few months.
He pointed out that the company gave great priority to financing directed to women, as “Refi” was able to obtain financing worth 5 million dollars – equivalent to 80 million pounds – from the European Bank for Reconstruction and Development (EBRD) to support women entrepreneurs in Egypt.
He pointed out that this is an institutional approach adopted by “Rifi” to support women’s empowerment in society, and the company had previously obtained funds worth 250 million pounds from HSBC to support women as well, emphasizing the role of women in supporting economic growth.
He stressed that there are several factors that led to the growth of business during the past year, namely the focus on supporting the human treasure represented in the efficient factor, which is a partner for success, in addition to the technological infrastructure that is being updated to keep pace with the planned growth, as well as the confidence of banks in providing the required financing and finally supporting And the support of CI Capital Holding for Financial Investments.
It is noteworthy that Ahmed Labib assumed the position of Managing Director and CEO of Revi Microfinance Company in February 2021, where he was previously held by the Managing Director for Financial, Administrative Affairs and Information Technology.