There are only 4.8 million credit cards to service Egypt’s population, which stands at 104 million; less than 5% of Egyptians have access to credit cards. The effects of the COVID-19 lockdown on the Egyptian economy resulted in greater demand for credit facilities. Blnk is attempting to solve this by giving customers access to credit at the moment of sale.
Must Read: Herconomy Now a Fintech Startup
Blnk has created a digital lending platform that allows merchants of all sizes to instantly underwrite and finance the purchases of their consumers at the point of sale. Consumers simply need a national identity card to access these funds, and they can buy a wide range of things or services, such as electronics, furniture, and automotive services, in 3 minutes, with payments ranging from 6 to 36 months.
This financing will be used to advance financial inclusion in underserved regions across the country, support further development of its artificial intelligence-powered lending infrastructure, and finance the company’s rapidly expanding customer portfolio.
Blnk claims to have disbursed more than $20 million in loans since its inception last year, leveraging its extensive network of merchant outlets throughout Egypt. Consumers are not the only ones who gain from Blnk; merchants also benefit from the transaction commission that Blnk gives. Blnk’s aim of providing Egyptian customers with inclusive access to funding is a step in the right direction for a rising economy, and it is hoped that it will encourage further growth and development.
Amr Sultan, co-founder and CEO of Blnk, stated, “Our objective is to make it easier for more Egyptians to acquire the items and services they want by giving inclusive and convenient consumer credit at the point of sale.” We are thrilled to receive the support of such a strong group of investors at such an early point in our journey. We believe that with their help, we can advance financial inclusion in Egypt and the larger Middle East and North Africa area.”