{"id":591191,"date":"2023-08-01T00:00:00","date_gmt":"2023-08-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/adib-egypt-receives-license-to-set-up-microlender-plus-opay-wants-a-digital-banking-license-tenders-for-infrastructure-and-industrial-projects\/"},"modified":"2023-08-01T00:00:00","modified_gmt":"2023-08-01T00:00:00","slug":"adib-egypt-receives-license-to-set-up-microlender-plus-opay-wants-a-digital-banking-license-tenders-for-infrastructure-and-industrial-projects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/adib-egypt-receives-license-to-set-up-microlender-plus-opay-wants-a-digital-banking-license-tenders-for-infrastructure-and-industrial-projects\/","title":{"rendered":"ADIB Egypt receives license to set up microlender. PLUS: OPay wants a digital banking license, tenders for infrastructure and industrial projects"},"content":{"rendered":"

NBFS-<\/strong><\/p>\n

ADIB <\/strong>one step closer to launching sharia-compliant microfinance firm: <\/strong>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<\/a> (pdf)<\/a> 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. <\/p>\n

A nationwide microlender:<\/strong> 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. <\/p>\n

FINTECH-<\/strong><\/p>\n

OPay wants to establish a local digital bank: <\/strong>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)<\/a> yesterday. The digital bank will offer lending, saving, and card services alongside accepting digital, point of sale (POS), and e-wallet payments. <\/p>\n

Background:<\/strong> The news comes a few weeks after the CBE published new licensing rules<\/a> 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. <\/p>\n

Widening its Egypt reach: <\/strong>Backed by SoftBank\u2019s Vision 2 fund, OPay launched<\/a> 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\u2019s director of business development and partnership for Egypt and North Africa, Mahmoud Khedr told us, and is looking to join the CBE\u2019s digital payments app InstaPay. <\/p>\n

CHEMICALS-<\/strong><\/p>\n

Ministers want int\u2019l firms to bid to manage a new soda ash project:<\/strong> The government will invite international companies to bid in a tender to establish a new soda ash complex in New El Alamein, cabinet said<\/a> 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. <\/p>\n

INFRASTRUCTURE-<\/strong><\/p>\n

Damietta Port Authority will launch a tender by the end of September<\/strong> 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<\/a>. <\/p>\n

TECH-<\/strong><\/p>\n

Huawei and the Information Technology Industry Development Agency (ITIDA) will <\/strong>create a study on the use of AI in the country <\/strong>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<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

The lender wants to open 200 branches across the country<\/p>\n","protected":false},"author":1,"featured_media":591192,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[2156,111,204,10585,72,183,2230,7196,7111,1635,311,595,1078],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-591191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-adib-egypt","tag-also-on-our-radar","tag-banking","tag-chemicals","tag-enterpriseam","tag-fintech","tag-huawei","tag-industry","tag-infrastructure","tag-itida","tag-microfinance","tag-non-banking-financial-services","tag-opay","wpautop","entry"],"acf":{"mongo_id":"0cd58af2-675a-444f-b309-dbecca21d0d9","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/3.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ADIB Egypt receives license to set up microlender. 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The move comes as part of the regulator\u2019s drive to increase financial inclusion by\u2026","rel":"","context":"In "Finance"","block_context":{"text":"Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/450.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593883,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/13\/adib-capital-considers-arranging-egp-1-1-bn-loan-for-el-ezaby\/","url_meta":{"origin":591191,"position":1},"title":"ADIB Capital considers arranging EGP 1.1 bn loan for El Ezaby","author":"enterpriseam admin","date":"13 October 2019","format":false,"excerpt":"ADIB Capital is considering arranging and marketing a EGP 1.1 bn loan for El Ezaby Pharmacies, banking sources told Al Shorouk. The loan will be Sharia-compliant comply and aim to restructure the company\u2019s USD debt. The investment bank has reached out to local banks to form a consortium to manage\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569463,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/25\/adib-egypt-to-exit-from-34-nbfs-subsidiaries\/","url_meta":{"origin":591191,"position":2},"title":"ADIB Egypt to exit from 34 NBFS subsidiaries","author":"enterpriseam admin","date":"25 February 2020","format":false,"excerpt":"ADIB Egypt to exit 34 legacy NBFS subsidiaries: Abu Dhabi Islamic Bank (ADIB) Egypt is liquidating 28 of its subsidiaries\u2019 loss-making non-banking financial service activities and is restructuring six others as a prelude to exiting them, Chairman Mohamed Ali tells Hapi Journal. The bank had inherited the activities when it\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592219,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/02\/beltone-reportedly-wants-to-acquire-microlender-cash\/","url_meta":{"origin":591191,"position":3},"title":"Beltone reportedly wants to acquire microlender Cash","author":"enterpriseam admin","date":"2 August 2023","format":false,"excerpt":"Beltone this week announced plans to acquire an undisclosed microfinance player","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/57.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595587,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/09\/kharafi-national-borrows-egp-1-65-bn-to-expand-in-the-local-market\/","url_meta":{"origin":591191,"position":4},"title":"Kharafi National borrows EGP 1.65 bn to expand in the local market","author":"enterpriseam admin","date":"9 August 2023","format":false,"excerpt":"ADI Capital was the financial advisor on the loan","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/421.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560308,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/23\/adib-approves-sale-of-majority-stake-in-assiut-islamic-trading\/","url_meta":{"origin":591191,"position":5},"title":"ADIB approves sale of majority stake in Assiut Islamic Trading","author":"enterpriseam admin","date":"23 February 2021","format":false,"excerpt":"Abu Dhabi Islamic Bank (ADIB) looks to be on the way out from Assiut Islamic Trading after its board approved (pdf) a mandatory tender offer (MTO) submitted by a group of shareholders earlier this month for a 76% stake in the company. The investors \u2014 led by Amr Ibrahim Selim\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/332.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/591191","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=591191"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/591191\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/591167"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/591192"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=591191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=591191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=591191"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=591191"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=591191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}