Abu Dhabi First Bank Collaborates with Cayesh FinTech to Utilize Various Lending Programs and Financial Technology Financing in Egypt
Abu Dhabi First Bank Egypt, one of the largest banks operating in Egypt, has announced a collaboration agreement with Cayesh FinTech, the first company to finance supply chains in Egypt.
The collaboration aims to benefit from innovative lending programs offered to small and medium-sized enterprises, in addition to the bank’s large corporate portfolio.
The program allocates one billion Egyptian pounds in the first year, with the possibility of expanding to between 3-4 billion Egyptian pounds starting from the second year.
The partnership signifies a significant milestone in the evolution of financial technology financing in Egypt, supported by the Egyptian Central Bank.
Both Abu Dhabi First Bank Egypt and Cayesh FinTech are committed to bridging the working capital gap, which is one of the most pressing challenges facing small and medium-sized enterprises amid the current economic conditions, thus propelling Egyptian companies towards further success.
Mohamed Abbas Fayed, CEO and Managing Director of Abu Dhabi First Bank Egypt, commented on the importance of the collaboration, stating: “At Abu Dhabi First Bank Egypt, we are committed to innovation and excellence in serving our customers.
The partnership with Cayesh FinTech embodies our strategic approach to leveraging advanced financial technologies and solutions to empower companies and drive sustainable growth.
By combining Cayesh FinTech’s expertise in developing user-friendly financing platforms with the bank’s solid infrastructure, we aim to shape the financial services sector in Egypt, open new opportunities, and enhance economic prosperity for both our customers and the country.”
Mahmoud Hassan, Founder and Managing Director of Cayesh FinTech, emphasized the significance of the partnership with Abu Dhabi First Bank Egypt, saying: “We are delighted to collaborate with Abu Dhabi First Bank Egypt, given its prominent position in the Egyptian market and its reputation for competitive lending programs for small and medium-sized enterprises.
This strategic partnership marks a pivotal phase in Egypt’s financial landscape, aiming to stimulate economic sectors in the country through the use of modern technologies and the implementation of new financial strategies, ultimately leading to sustainable growth for companies.”
This fruitful collaboration reaffirms the shared visions of both Abu Dhabi First Bank Egypt and Cayesh FinTech, aimed at transforming financial technology financing, and enhancing financial innovation and economic growth in Egypt.
About Abu Dhabi First Bank Egypt: Abu Dhabi First Bank Egypt, a subsidiary of First Abu Dhabi Bank Group, is one of the largest foreign banks operating in Egypt.
The bank’s branches, totaling 68 branches, are distributed across various regions of the Arab Republic of Egypt.
Abu Dhabi First Bank Egypt is committed to providing a wide range of banking solutions, products, and services tailored to meet the needs of its diverse clientele, including large institutions, small and medium-sized enterprises, and individuals, while leveraging its extensive expertise to deliver a distinctive banking experience that meets the aspirations of stakeholders, entrepreneurs, and the local economy.
Abu Dhabi First Bank is the largest bank in the United Arab Emirates and one of the largest and safest financial institutions globally. Its branch network spans five continents, leveraging its international relations, extensive expertise, and financial strength to support local, regional, and international companies seeking to manage their businesses locally and globally.
Abu Dhabi First Bank holds Aa3, AA-, and AA- ratings from Moody’s, Standard & Poor’s, and Fitch, respectively, making it the highest-rated bank in the Middle East and North Africa region.
Abu Dhabi First Bank also holds the position of the largest and safest bank in the United Arab Emirates and the Middle East region. Additionally, Abu Dhabi First Bank is a leader in sustainability in the regional context, being part of the MSCI ESG Leaders index and FTSE4Good EM.
About Cayesh FinTech: Cayesh FinTech is a leading startup company offering supplier finance solutions (invoice financing, purchase order financing, receivables financing, etc.).
The company aims to address working capital challenges faced by companies in general and small and medium-sized enterprises in particular, by providing fast and secure financing solutions for securities financing.
Since its establishment, the company has successfully introduced a new concept to the Egyptian market in supplier financing and has attracted many large companies and their suppliers from small and medium-sized enterprises to collaborate in this field, relying on the local and global expertise of its founders in finance and financial technology.
The company aims to collaborate with the banking sector to launch a range of technological solutions and products to finance various stages of the supply chain.
