Beltone reportedly wants this Minya-HQ’d microlender: The micro finance provider being targeted for acquisition by Beltone Financial has been named as Minya-based Cash by Al Borsa. The outlet said yesterday that it had talked to sources close to the transaction about Beltone’s plans. Beltone said it had signed an MoU to acquire a local microfinance firm in a bourse filing on Monday, without disclosing the identity of the target.

Mum’s the word:Beltone did not respond to our request for comment when reached out yesterday. Cash declined to comment on the matter.

The waiting game: Beltone is waiting for regulators to give the go-ahead to pursue th e acquisition before it starts due diligence, according to Al Borsa’s sources. Due diligence is expected to take around two months, they added.

Looking outside the nation’s capital is a smart move: The market as a whole remains under-served as we move toward greater and greater financial inclusion, but most players put the majority of their emphasis on the twin population centers of Cairo and Alexandria. A move into other governorates is a good strategy.

No moves for a digital banking license — yet: Beltone has not taken any legal steps towards applying for a license to set up a digital bank, it said yesterday in an EGX disclosure (pdf). The statement came in response to the Al Borsa article, which reported that the company is considering applying to the central bank for a license.

Remember: The CBE recently published new licensing rules for digital banks, prompting a number of banks and non-bank lenders to announce their intentions to apply. Market expectation is that Banque Misr’s MDI will be first to market with a challenger bank.

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