Sarwa Capital Holding for Financial Investments and Premium International for Credit Services (Premium Card) announced on Mondy they had signed an agreement to set up a financial technology (fintech) product in Egypt, called “20-30 Card”.
It was the first product of the joint venture that both companies launched in 2019, in which each party hold a 50% stake.
The 20-30 Card and its application is a bank free credit card which allows its holder to undertake purchases from a large network of merchants offering a variety of products and services online and offline. Users will be able to make payment-on-instalment over a period of 20 or 30 months, according to the cardholder’s choice and decision while purchasing.
Paul Antaki, Founder and Chairperson of Premium Card, said, “This venture marks yet another cornerstone of our strategy of entering new mass markets, and another milestone in our push towards diversifying our revenue stream through innovative financial products.”
The ‘20-30 Card’ will initially be rolled-out in the Greater Cairo and Alexandria Governorates, before expanding merchants‘ partners and cardholders acquisition activities across other governorates. Consumers will very soon be able to download the application from the App Store and Google Play.
Antaki added, “Investment with Sarwa Capital will grant the newly born company a great striking power to penetrate the consumer credit market, and acquire a substantial market share for the new product in a very short time.”
“With the new ‘20-30 Card’ bundled with their traditional ‘Premium Card’, clients will have access to several tailored instalment programmes, to shop across our matchless wide network of 6,000 stores,” he added.
Hazem Moussa, Chairperson of Sarwa Capital, said, “The partnership will bring an innovative product for an enhanced customer choice.”
According to Rami Antaki, Co-Founder and Board Member of Premium Card, noted that the current economic conditions caused by the novel coronavirus (COVID-19) have pushed the market into a state of unmet demand and supply.
He added that the company aims to continually bring solutions that address the critical financing gap between Egyptian consumers’ aspirations and their purchasing power. This comes particularly amidst the challenging economic conditions caused by the COVID-19 pandemic.
Said Zatar, CEO of Sarwa Capital, added, “We bring in the venture our unique and advanced credit and debt collection strategy that ensures the highest quality loan portfolio, along with our highly strict servicing standards and procedures.”