Cairo: Beltone Financial Holding (“Beltone”), one of the fastest-growing financial institutions, announces that its subsidiary, Cash for Microfinance (“the Company” or “Cash”), has signed a cooperation agreement with the Challenge Fund for Youth Employment (“CFYE”), a private sector-backed youth employment program. Under this agreement, a project will be launched to support entrepreneurs with a total value of EGP 60 million.

This pioneering initiative aims to provide necessary financing to entrepreneurs, particularly young and female entrepreneurs at the beginning of their careers. To achieve this goal, the company's mobile branches will be deployed to several villages, facilitating access to financial services for the initiative's target groups. Female loan department employees will be assigned to ensure effective communication with customers and provide the necessary support and assistance without the need to visit the company's branches.

Cash intends to provide and facilitate all necessary financing for entrepreneurs to participate in local exhibitions, support their presence on social media, and provide comprehensive training programs to enable entrepreneurs to effectively market their projects and maintain their sustainability.

Marcos Nabil, CEO of Cash, stated, "This project is the beginning of several initiatives to cooperate with international entities to support and develop entrepreneurs, which we had previously announced. We aim to provide innovative and accessible financing solutions and products, along with technical support services through comprehensive training programs for entrepreneurs, to contribute to the effective development of their projects and maintain the continuity of their businesses. We also aim to create new markets for customers by participating in exhibitions and connecting business owners with new sales and marketing outlets. Finally, we aim to provide job opportunities for young people by developing their skills and creating professional cadres capable of enriching the labor market, especially in the microfinance industry."

Ola Farag, Youth Employment Challenge Fund Representative, stated: “The Fund aims to achieve its goal in Egypt by co-investing in innovative private sector-led initiatives to address youth unemployment. The Entrepreneurship Support Project is one of the innovative initiatives that the Fund has identified as having significant potential for youth employment, as it includes the creation of approximately 2,500 job opportunities for young people. Cash will reach entrepreneurs in their communities and homes through mobile branches, providing them with quick access to financing, as well as through the development of a digital empowerment application. Cash will support the microfinance sector by establishing a training academy to enhance the skills of new graduates (50% of whom are women), which also supports and qualifies women to enter the microfinance labor market. The partnership with Cash will help provide financing for low-income projects, helping small businesses and enterprises grow, increase income, and create sustainable job opportunities, contributing to social and economic development, especially for women and youth in Upper Egypt.”

#Corporate Data
- I finish -

About Cash Microfinance:

Beltone Financial Holding fully acquired Cash Microfinance in September 2023, a leading microfinance company licensed by the Financial Regulatory Authority and headquartered in Upper Egypt. Founded in 2020, Cash began operations with a single branch and has since expanded to include a network of 23 branches across five governorates. Cash offers microfinance solutions, providing services and financial assistance to empower microentrepreneurs in Upper Egypt. This strategic acquisition reflects Cash's successful growth trajectory and its unwavering commitment to promoting socioeconomic development in the region.

About Beltone Financial Holding:

Beltone Financial Holding (EGX code: BTFH.CA) is a leading financial services company with a decades-long track record in the Middle East and North Africa. The company offers a comprehensive and growing suite of financial solutions and services, including securities brokerage, investment banking, asset management, research, and private equity, in addition to non-banking financial services, including leasing, factoring, consumer finance, venture capital, microfinance, and real estate finance. The company has an ambitious vision to revolutionize the financial sector in the region, leveraging the global expertise and knowledge of its team members and delivering innovative, value-added solutions that create more opportunities for its clients, enhance market value, and achieve positive impact.

Youth Employment Challenge Fund:

The Youth Employment Challenge Fund is a seven-year program funded by the Ministry of Foreign Affairs of the Netherlands and managed by Palladium, VSO Nederland, and Randstad. The fund aims to create a prosperous future for approximately 230,000 young people in the Middle East, North Africa, the Sahel/West Africa, and the Horn of Africa. This goal will be achieved by supporting innovative youth employment initiatives that provide young people, especially young women, with decent jobs, better prospects for personal development, stable incomes, safe working conditions, and social protection.

© Press Release 2023