NBFS-

ADIB one step closer to launching sharia-compliant microfinance firm: Abu Dhabi Islamic Bank (ADIB) Egypt has secured a license to launch its planned sharia-compliant microfinance company from the Financial Regulatory Authority (FRA), the Emirati lender said in a statement (pdf) yesterday. The company will offer financing of up to EGP 220k to small and micro enterprises and will launch with EGP 25 mn of paid-up capital.

A nationwide microlender: ADIB Egypt plans to set up some 200 branches across all governorates in order to reach businesses in regions with low rates of financial inclusion.

FINTECH-

OPay wants to establish a local digital bank: China-based fintech OPay plans to apply to the Central Bank of Egypt for a license to establish a digital bank, the company said i n a statement (pdf) yesterday. The digital bank will offer lending, saving, and card services alongside accepting digital, point of sale (POS), and e-wallet payments.

Background: The news comes a few weeks after the CBE published new licensing rules for digital banks. The CBE started handing out digital banking licenses last year following strong demand from lenders including the National Bank of Egypt, Banque Misr, Emirates NBD, QNB Al Ahli, and Bank ABC.

Widening its Egypt reach: Backed by SoftBank’s Vision 2 fund, OPay launched in Egypt in 2021 and has tens of thousands of POS terminals across the country. The company secured two payment facilitator licenses with Banque Misr and the National Bank of Egypt in 2022, the company’s director of business development and partnership for Egypt and North Africa, Mahmoud Khedr told us, and is looking to join the CBE’s digital payments app InstaPay.

CHEMICALS-

Ministers want int’l firms to bid to manage a new soda ash project: The government will invite international companies to bid in a tender to establish a new soda ash complex in New El Alamein, cabinet said yesterday. The facility is expected to produce 600k tons of sodium carbonate and its derivatives every year. Output will be used for local consumption and export.

INFRASTRUCTURE-

Damietta Port Authority will launch a tender by the end of September for a 10-year contract to exploit a 6.5k square-meter area for handling eco-friendly dry bulk goods, according to a document seen by Al Borsa.

TECH-

Huawei and the Information Technology Industry Development Agency (ITIDA) will create a study on the use of AI in the country under an MoU inked by the two sides last week. The study will evaluate how AI is currently employed and lay out a roadmap to develop the sector, according to a Communications Ministry statement.

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