Beltone has made a flurry of announcements in recent days signaling a deeper push into non-bank financial services targeting individual consumers.

#1- Beltone is injecting cash into newly acquired Cash Microfinance: The company is set to increase the capital base of its Minya-based microfinance subsidiary Cash to EGP 500 mn, it said in a statement (pdf) last week. Cash plans to set up new branches across the country — including mobile branches that will help the company expand its reach in remote areas, aiming to erach 50 branches by the end of 2023 and 150 branches by 4Q 2024. Beltone finalized an agreement to acquire 100% of Cash last month.

#2- Is a ratings agency in the works? Beltone has partnered with Italian financial services firm CRIF for unspecified “cooperation in Egypt and the MENA region,” Beltone said in an EGX disclosure (pdf) yesterday. Beltone unit Beltone Capital will work with the Italian firm CIRF to offer credit rating services, ESG scoring, and business information services, the statement added. CRIF has a ratings unit that works in banking, energy and utilities, telecoms, manufacturing and services.

BACKGROUND- The FRA in August opened applications for a new local credit rating agency, saying that it would award a license to just one company. So far, we’ve heard of interest from a consortium of investors led by MGM Financial and Banking Consultants Chairman Gamal Moharam. The Middle East Rating and Investors Service (MERIS) is currently our only credit rating agency.

#3- Is Beltone’s consumer finance arm headed to Jordan? Beltone consumer finance unit Seven could be eying expansion in Jordan, Asharq Business reported, citing three sources it says are in the know. The company has started talks with the Central Bank of Jordan and is now vetting a potential local partner.

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