Prime Holding has ventured into the world of financial technology (fintech) through the launch of its new company, Prime FinTech.
Prime FinTech is the latest addition to Prime Holding’s diverse portfolio of financial and investment activities, and holds an initial share capital of EGP 50m. The company aims to increase this to EGP 100m by the end of the year. As a holding company, Prime FinTech aims to establish subsidiaries that provide a range of non-banking financing services, including consumer finance and leasing aimed at both businesses and individuals.
The company’s establishment follows on from a Financial Regulatory Authority (FRA) initiative providing further regulation and governance of Egypt’s consumer finance industry, covered by Law Number 18 for 2020 that was issued in March.
Mervat Erian takes over the helm at Prime FinTech as Chief Executive officer (CEO). Erian brings with her over 30 years experience in telecommunications and banking, and previous positions at a range of leading companies such as American Express, Lucent Technologies, Mobinil/Orange Egypt and Abu Dhabi Islamic Bank (ADIB). Erian also brings with her a wide range of expertise in business leadership, mega start-ups, as well as technology, financial and investment solutions.
“I am delighted to join Prime Holding and excited to lead the fintech operation,” Erian said, “Egypt’s potential for innovation is undeniable, and the need for financing solutions continues to be a priority for Egyptians regardless of their socio-economic segment.”
She added, “With a banked population of only 38% and a population exceeding 100 million, Egyptians are looking to better their lives, businesses, industries through solid growth.”
Erian noted that Prime FinTech intends to fill the gap between the aspirations of Egyptians and the economic realities by offering consumers and businesses innovative financing solutions. This is set to take place “through a seamless, simple, agile, and state-of-the-art customer experience that is accessible to all”, she added.
Shireen Al Kady, Executive Chairman of Prime Holding and Chairperson of Prime FinTech, also expressed his excitement at entering the world of fintech innovation through Prime FinTech’s creation.
“As we celebrate Prime’s 25 years in the Egyptian market, we are delighted to add another milestone that will contribute to the Egyptian economic landscape and solidify our leadership position as one of the country’s top investment banks serving our customers in the market throughout the past quarter of a century,” Al Kady said, “Our mode of operation has always been persistence, diligence, insightful market research, garnering the right calibre for the job and venturing into all that is new and innovative to ensure 25 more years of more success and prosperity.”
Prime FinTech plans to focus on four main products, namely consumer financing, leasing, wallets, and financing cards. The company will launch commercially at the end of the third quarter (Q3) of 2020, with consumer finance and leasing. It then plans to roll out its products and services further in Q1 of 2021.
“We aspire to be the financing partner of choice for Egyptians to provide them solutions that are tailor-made and customised to meet their needs and aspirations,” Erian said, “In the meantime, we are very much in line with the country’s vision for Egypt to become a regional fintech hub that will help to fulfil national, market and consumer aspirations.”
Erian also expressed the company’s hopes to leave a positive imprint on the financing industry that will lead to economic comfort and prosperity for all Egyptians.