To provide MSEMs with access to the necessary tools and resources, microfinance firm Sandah has partnered with Egyptian startup Qardy, a marketplace and aggregator for debt financing.
Abdel Aziz Abdel Nabi, the founder of Qardy, said the startup aimed to be the “Amazon of lending” when it was founded in July 2022. Qardy facilitates loans for MSMEs.
“Qardy aims to cut the waiting time to get a loan from nine months to around 18 days. Since the current lending process is manual, it takes so much time, and it mainly focuses on personal connections, making it very tough for MSMEs to go through the process,” he told media in July.
The startup hopes to close the financial gap in Egypt’s MSME sector through its collaboration with Sandah, a for-profit microfinance organization, by offering a wide range of products and services tailored specifically to meet the various needs of the sector.
“We are thrilled about this strategic collaboration with Sandah. Together we aim to expand our coverage to cover the full extent of the MSMEs sector, providing them with tailored financial products to both manage their cash flow cycles and cover their working capital needs,” Nabi said.
