The Egyptian Kuwaiti Holding (EKHO) is set to enter the non-banking financial activities (NBFS) sector, beginning with microfinance and consumer finance, through its subsidiary “Bedayti”.
Who is affected🤷: Bedayti’s management will be headed by Mounir El-Zahed, Banque du Caire’s former chairman. EKHO appointed Mohamed Mashhour to head the new company, “Bedayti”, based on his previous experience as Chairman of the Board of Directors and CEO of Revi – CI Capital’s microfinance arm.
Why is this important🤔: EKHO managing director Sherif El-Zayat explained that Bedayti’s capital amounts to ~ EGP 50 million, and is preparing an expansion plan into microfinance activities throughout the coming five years, which will be announced within days. El-Zayat added that EKHO is preparing to submit an application to the FRA to obtain a license to practice consumer finance activities.
