{"id":607894,"date":"2023-10-11T00:00:00","date_gmt":"2023-10-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/how-are-fintech-firms-navigating-high-inflation-and-a-drying-up-of-vc-funding\/"},"modified":"2023-10-11T00:00:00","modified_gmt":"2023-10-11T00:00:00","slug":"how-are-fintech-firms-navigating-high-inflation-and-a-drying-up-of-vc-funding","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/how-are-fintech-firms-navigating-high-inflation-and-a-drying-up-of-vc-funding\/","title":{"rendered":"How are fintech firms navigating high inflation and a drying up of VC funding?"},"content":{"rendered":"

The heyday of fintech in Egypt \u2014 marked by sky-high valuations an torrents of VC cash? <\/strong> That\u2019s over. <\/strong>Today, fintech players are navigating volatile market conditions as funding dries up and competition for a piece of the fintech pie grows. But a lack of funding in no way means a lack of innovation, or a lack of prospects. There are still plenty of sectors ripe for growth in the sector, industry insiders say, but fintech players need to lean into the local market and the possibilities it offers \u2014 and suss out the fads from the sustainable, long-term growth prospects. <\/p>\n

We brought together two industry leaders at the Enterprise Finance Forum to walk <\/strong> us through exactly what those prospects are <\/strong>and how they are navigating the current environment. Joining us on stage were Ashraf Sabry<\/strong>, founder and CEO of Fawry, and Mounir Nakhla<\/strong>, MNT Halan\u2019s founder and CEO. <\/p>\n

Interest rates + inflation have impacted fintechs\u2019 lending operations: <\/strong>\u201cIt\u2019s a tough market,\u201d Nakhla said. The EGP devaluation means MNT Halan\u2019s loan book was slashed in half in USD terms, he said, adding that high interest rates also hit them hard, because they lend on fixed interest rates and borrow in variable terms. <\/p>\n

Fawry and MNT Halan are doing well in spite of that: <\/strong>\u201cI think business is really excellent. We are growing at more than 40% [this year] and we believe in our products,\u201d Sabry said. \u201cThis year in USD terms, we\u2019re growing 20%. In spite of everything, we managed through planning and execution to grow 20%,\u201d Nakhla said, adding that MNT Halan views such times of economic turbulence as exciting and \u201cas times when we can grow and gain market share.\u201d<\/p>\n

So how do they manage? <\/strong>By recalibrating and growing our loan book, Nakhla said. For Sabry, it\u2019s important to focus on EGP-denominated investments, rather than investments denominated in USD. Nakhla agreed.\u201cAs a matter of principle, I think if you lend in local currency, you should borrow in local currency,\u201d he said. <\/p>\n

Lending is risky business, especially in a high inflation environment\u2026: <\/strong>Consumer finance is a higher risk product than business loans, according to Nakhla. \u201cNaturally, if I\u2019m going to lend someone to consume, it\u2019s higher risk than lending someone to invest,\u201d he added, explaining that since most consumers are salaried, their disposable income drops significantly in a high inflation environment, making the capacity to service debt tougher.<\/p>\n

\u2026but it plays a big role in our economy: <\/strong>\u201cConsumer finance is a more challenging business, but I think we should be bullish about it,\u201d Sabry said.\u201cEvery single individual experiences points in time where their need for money is not equal to their stream of income,\u201d Sabry said, pinpointing education, weddings, and medical treatments as among the most common examples when people turn to consumer financial services. \u201cThere is a real need for consumer finance,\u201d he said, adding that it takes into account the measurement of financial health, where you enable people to fulfill their needs while taking into account their ability to repay. <\/p>\n

With increased borrowing comes increased risk, but so far it\u2019s nothing too serious: <\/strong>\u201cIt\u2019s too early for a wide systemic risk [in the sector],\u201d Sabry said, noting that accounting standards \u2014 which require an independent modeling company to evaluate your loan book \u2014 can show whether you have an elevated default risk. For Nakhla, it\u2019s the same. \u201cOur numbers say there is a slightly higher risk [in the sector], but nothing we cannot digest, nothing meaningful,\u201d he said. <\/p>\n

In a higher interest rate environment, is BNPL a good idea? <\/strong>Nakhla is cautious when it comes to buy-now-pay-later services, which he said are a fad that came out with the likes of Swedish BNPL platform Klarna<\/a>, Nakhla said. \u201cThey came out at a time when interest rates were very low and the whole concept was based on merchant rebates \u2026 from day one I said this doesn\u2019t work in our interest rate environment,\u201d he said. That\u2019s why MNT Halan couples it with consumer financing \u2014 and relying on merchants for rebates. \u201cWhat we're doing is not a three or six-month loan with small rebates,\u201d he said. \u201cWhat we're doing is we're charging normal borrowing rates, and we're getting a little extra from merchants for the rebates,\u201d he added.<\/p>\n

In defense of BNPL: <\/strong>\u201c[It\u2019s] a small amount with very high turnover, and requires less capital to be deployed, with higher return on capital and early discovery of debt profiles,\u201d Sabry said. \u201cThere are different models of BNPL services, for different profiles of customers, and for different needs,\u201d Fawry\u2019s CEO said. <\/p>\n

It\u2019s looking good for ins.: <\/strong>\u201cWe are very bullish about ins.,\u201d Sabry said. It can help boost people\u2019s financial health, whether in terms of data distribution and processing or collection and disbursement, Sabry said. <\/p>\n

\u201cLeveraging the masses is the best business in the world,\u201d <\/strong>Sabry added, noting that it is a defensive sector in the sense that even in a recession, people need access to finance to eat and spend everyday, regardless of whether this increases or declines depending on market conditions. <\/p>\n

And there\u2019s still a lot to do to achieve more financial inclusion: <\/strong> MNT Halan and Fawry focus most of their efforts on unbanked and underbanked populations in rural and remote areas. \u201cAround 70-80% of our customers don\u2019t come from Egyptian cities,\u201d Nakhla said. \u201cUpper Egypt contributes 35-40% of our business, and Delta contributes another 35-40%, while Greater Cairo and Alexandira make up less than 20%,\u201d Nakhla said. <\/p>\n

\u201cFinancial inclusion is not just opening a bank account <\/strong>\u2014 that is only a very small part of it,\u201d Sabry said. \u201cInclusion is about offering financial services that will help people rather than help the organization. Opening a bank account helps the organization, but giving them money, ins., enabling them to save small amounts of money is how you help the people,\u201d Sabry said. <\/p>\n

At the end of the day, it\u2019s about having an integrated fintech ecosystem with strong stakeholders: <\/strong>\u201cAt a time where you have very, very high inflation, I think it is imperative to have the right players channeling funds to the masses,\u201d Nakhla said. With the presence of responsible players and institutions, alsonside a strong regulator, consumer finance firms will operate comfortably without worrying about whether or not people will be able to pay back their dues, he added. \u201cWe think that the more you integrate business, consumers, and small merchants into an integrated ecosystem, the better you understand the business and take better financial decisions,\u201d Sabry said. <\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Fawry, MNT Halan CEOs remain optimistic despite market turbulence<\/p>\n","protected":false},"author":1,"featured_media":607895,"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":[7318],"tags":[521,7317,72,519,183,11665],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-finance-forum","tag-ashraf-sabry","tag-enterprise-finance-forum","tag-enterpriseam","tag-fawry","tag-fintech","tag-mnt-halan-2","wpautop","entry"],"acf":{"mongo_id":"086c9406-f369-4095-b603-b9308ac8cfee","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/63.jpg","photo_position":"above","homepage_title":"","full_issue_title":"How are fintech firms navigating high inflation and a drying up of VC funding?","related_issue":[607883],"teaser":"Fawry, MNT Halan CEOs remain optimistic despite market turbulence","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.61e4a3e9-337d-4073-a599-0b87c9a423f3.mp3"},"yoast_head":"\nHow are fintech firms navigating high inflation and a drying up of VC funding? 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The source declined to name the\u2026","rel":"","context":"In "Fintech"","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/268.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559488,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/24\/2020-was-a-good-year-for-egypts-fintech-scene\/","url_meta":{"origin":607894,"position":1},"title":"2020 was a good year for Egypt\u2019s fintech scene","author":"enterpriseam admin","date":"24 January 2021","format":false,"excerpt":"Fintech flourished in Egypt in 2020 despite covid-19\u2019s negative impact on funding, writes Citibank\u2019s Vice President of Europe, the Middle East and Africa strategy Michel Assaad for Wamda. Though health and transport startups managed to raise the biggest total sum of funds last year, 2020 saw the launch of a\u2026","rel":"","context":"In "Fintech"","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/285.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550055,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/mastercard-invests-in-fintech-fund-nclude\/","url_meta":{"origin":607894,"position":2},"title":"Mastercard invests in fintech fund Nclude","author":"enterpriseam admin","date":"12 October 2022","format":false,"excerpt":"Fintech and fintech-enabled startups are up for a funding boost after Mastercard closed a \u201cstrategic\u201d investment in fintech fund Nclude, according to a press release. The investment will see Mastercard and Nclude investing in \u201cpromising early-and-growth-stage fintech and fintech enabled companies\u201d to support digitization and financial inclusion in Egypt. An\u2026","rel":"","context":"In "Fintech"","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/198.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565470,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/11\/venture-capital-vs-private-equity\/","url_meta":{"origin":607894,"position":3},"title":"Venture capital vs private equity","author":"enterpriseam admin","date":"11 April 2021","format":false,"excerpt":"Enterprise Explains: Venture capital vs private equity investments. 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It is also launching robo-advisory and digital wealth management through\u2026","rel":"","context":"In "Fintech"","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592061,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/25\/egypt-tops-african-countries-in-vc-transactions-in-2019-says-venture-burn\/","url_meta":{"origin":607894,"position":5},"title":"Egypt tops African countries in VC transactions in 2019, says Venture Burn","author":"enterpriseam admin","date":"25 December 2019","format":false,"excerpt":"Egypt tops African countries in disclosed VC transactions in 2019: Egyptian startups received the biggest number and funding value of venture capital (VC) transactions that went to early-stage African startups in 2019, according to Venture Burn. 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