{"id":608958,"date":"2023-10-29T00:00:00","date_gmt":"2023-10-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/29\/nbfi-players-say-theres-no-bubble-about-to-burst\/"},"modified":"2023-10-29T00:00:00","modified_gmt":"2023-10-29T00:00:00","slug":"nbfi-players-say-theres-no-bubble-about-to-burst","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/29\/nbfi-players-say-theres-no-bubble-about-to-burst\/","title":{"rendered":"NBFI players say there\u2019s no bubble about to burst"},"content":{"rendered":"

Consolidate or go bust \u2014 is Egypt\u2019s NBFI industry a bubble that\u2019s about to burst?<\/strong>The past five to seven years has witnessed an explosive rise of non-bank financial services in Egypt. <\/p>\n

We brought together a panel of experts from Egypt\u2019s NBFI industry to discuss the current landscape during the Enterprise Finance Forum.<\/strong> Joining us were Hazem Moussa<\/strong> (co-founder and chairman of Contact Financial Holding), Amro Abouesh<\/strong> (who founded and led microfinance player Tanmeyah, and who now leads Maseera), and Tamer Elemary<\/strong> (CEO of GB Capital).<\/p>\n

Setting the scene:<\/strong> There is considerable overlap between banks and NBFIs as consumer lenders, Moussa said. \u201cNBFIs are an extension of the [banking] system and a core part of the development of the market. Egypt has a low banking concentration and very low credit mark, so NBFIs can fill the gap to reach more people in a different way and help banks extend their services and their balance sheets,\u201d he added. \u201c[They] should work together to support each other, it\u2019s one ecosystem.\u201d<\/p>\n

Customers are led by need:<\/strong> \u201cWhen you're looking at the larger corporate side of the equation, [banks and NBFIs] are competing for maybe under 200 companies out there in the market. When you get to the consumer side of the equation, it's probably quite complementary,\u201d said Elemary. NBFIs have a chance to extend into geographies and certain sectors of the consumer business that banks don\u2019t want to play in \u2014 the choice is up to the customer with considerations given to reputation, fees, rates, timing needs and pace among other things, he added.<\/p>\n

Cooperation, not competition:<\/strong> Banks are the primary providers of funding to non-bank financial institutions \u2014 and so a major reason why the sector has grown so fast, Abouesh said. \u201cMost banks have an NBFI arm or are venturing into digital banking as we are addressing the same target. Securitization provides one avenue for cooperation, although it depends on who buys the securities. If you\u2019re securitizing to a bank, it\u2019s the same thing \u2014 different books, but the same entity. You can achieve diversification on the funding source when it comes to securitization by allocating assets on different types of institutions.\u201d <\/p>\n

The case for overlending<\/strong>: \u201cThere\u2019s a credit market cycle that people must be aware of,\u201d Abouesh said. The NBFI market has grown, but players are cramming into a small space with vanilla offerings to sell money quick, he explained. \u201cWhat happens in this situation is there have been valuations for NBFIs, and it drew the attention of a lot more money wanting to come in with a very high level of overconfidence in the market and that everything will sell,\u201d Abouesh said. This leads to oversupply and multiple lending to the same borrower. \u201cIn microfinance there are at least two loans per borrower. The CAGR of growth \u2014 the measurement of future economic activity that demonstrates the potential for rapid growth \u2014 on the microfinance outstanding portfolio in the past six or seven years is tenfold that of the active borrowers,\u201d he said. <\/p>\n

Does this lead to consolidation? <\/strong>\u201cThere is a correction that's going to happen, and it's happening already. The overfunding that was available in the market recently has made too many players extend too many loans very quickly and this signals some form of correction. Consolidation is one way, bankruptcy is another \u2014 or a combination of both,\u201d Abouesh said. <\/p>\n

Not by choice: <\/strong>\u201cConsolidation can come when you have a mature market with companies that have grown well organically and are now struggling to continue at the same rate, or when you have a stressed market impacted by pressure from a liquidity standpoint. I think that\u2019s what we are probably seeing \u2014 not only in Egypt, but on a global level,\u201d Elemary said. \u201cIt\u2019s a case of consolidation not by choice, but because of the market dynamics. Small companies in particular are going to have to find some way to get bailed out. They can look to bankruptcy or M&A becomes one of those ways that it happens. <\/p>\n

Are NBFIs taking on too much risk?<\/strong> The number of people with access to credit remains very small, Moussa said. In terms of risk, those that struggle may not have the right strategy. \u201cIt really depends on what your strategy is in terms of market penetration \u2014 are you looking at the customer or a product, are you looking at trying to maximize your value or are you building more long term?\u201d he asked.<\/p>\n

There\u2019s room to grow, but you need to innovate:<\/strong> \u201cNow is the time to be more innovative and work harder to be able to customize and tailor make products that serve people and tackle the rest of the market niches,\u201d said Abouesh. While the market is massively underserved, it is congested as NBFIs have flooded into parts of the market where traditional banks were not reaching the majority of people, he added. <\/p>\n

SMEs hold untapped potential:<\/strong> \u201cSMEs are such a large market and the market is completely untapped. So what better combination for a business plan to grow?\u201d Elemary said. Plus, this wouldn\u2019t be stepping on the toes of banks. \u201cI don\u2019t think we're doing anything necessarily to bump into each other on the SMEs side, being that it's a very nascent space,\u201d he added.<\/p>\n

Take a hybrid approach:<\/strong> \u201cWe used to think about SMEs as companies that behave more like consumers because they were owned by an individual and we tended to put the SME businesses in the consumer divisions. Coming into lending now, I see that it needs to be a little bit more of a hybrid. We need to approach the SMEs with a consumer mindset, but we need to assess the SMEs with more of a corporate perspective in terms of creditworthiness,\u201d Elemary said.<\/p>\n

Thinking ahead:<\/strong> \u201cA paradigm shift in technology has affected people's expectations of the kind of service that they need,\u201d Abouesha said. The generations coming up in the market don\u2019t expect to physically go to a bank branch to conduct transactions. \u201cWe need to develop the right kind of empathy level for client needs, whether or not they know they need a service that exists to fulfill those needs.\u201d<\/p>\n

Serving the underbanked:<\/strong> \u201cTechnology has provided a lot of analytics that were not possible before,\u201d Abouesha said. New innovations in tech allow made-to-fit services to be accessible and delivered to the low income groups, he explained. \u201cBanks never took private banking services to low income groups, it was simply too expensive. But now the cost of client acquisition is dramatically cut by the availing of technology,\u201d he added.<\/p>\n

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

Our panel of experts discuss consolidation, risk and what\u2019s next for the local NBFI industry<\/p>\n","protected":false},"author":1,"featured_media":608959,"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":[11715,933,7317,72,2471,11714,595,11716,202],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-608958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-finance-forum","tag-amro-abouesh","tag-contact-financial","tag-enterprise-finance-forum","tag-enterpriseam","tag-gb-capital","tag-hazem-moussa","tag-non-banking-financial-services","tag-tamer-elemary","tag-tanmeyah","wpautop","entry"],"acf":{"mongo_id":"3ade2bf2-e7de-4fad-aa44-57938497a94f","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/960.jpg","photo_position":"above","homepage_title":"","full_issue_title":"NBFI players say there\u2019s no bubble about to burst","related_issue":[608942],"teaser":"Our panel of experts discuss consolidation, risk and what\u2019s next for the local NBFI industry","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.a480ddf0-214f-4e6f-b838-c84dc851a1ea.mp3"},"yoast_head":"\nNBFI players say there\u2019s no bubble about to burst - 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The new line is expected to come online in 1Q2022.IN OTHER DEBT NEWS- EFG Hermes-owned microfinance player Tanmeyah could file for\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":589081,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/21\/gb-corp-launches-sme-lender\/","url_meta":{"origin":608958,"position":2},"title":"GB Corp launches SME lender","author":"enterpriseam admin","date":"21 June 2023","format":false,"excerpt":"GB Corp is bidding to capture a slice of Egypt\u2019s growing SME lending market with the launch of a new subsidiary, Kredit, it announced in a statement (pdf)yesterday. The lender has acquired a license from the Financial Regulatory Authority (FRA) and is now providing financial services to SMEs, which remain\u2026","rel":"","context":"In "NBFS"","block_context":{"text":"NBFS","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/nbfs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1060.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594041,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/17\/lending-by-banks-nbfi-arms-to-count-toward-single-obligor-limits\/","url_meta":{"origin":608958,"position":3},"title":"Lending by banks\u2019 NBFI arms to count toward single obligor limits","author":"enterpriseam admin","date":"17 October 2019","format":false,"excerpt":"REGULATION WATCH- CBE issues new regs to reduce bank lending risks: Restrictions placed on bank lending to corporate borrowers will now take into account loans made by non-bank affiliates (so-called NBFIs, or non-bank financial institutions). The measures are part of new CBE regulations (pdf) designed to diversify credit portfolios of\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\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546738,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/26\/earnings-efg-hermes-contact-financial-elsewedy-electric-report-strong-1q-2022-results\/","url_meta":{"origin":608958,"position":4},"title":"Earnings: EFG Hermes, Contact Financial, Elsewedy Electric report strong 1Q 2022 results","author":"enterpriseam admin","date":"26 May 2022","format":false,"excerpt":"EFG Hermes\u2019 net income rose 18% y-o-y to EGP 345 mn in 1Q 2022, the bank said in its earning release (pdf) yesterday. Revenues were up 55% y-o-y to EGP 1.9 bn. Revenue growth was underpinned by a strong quarter for EFG\u2019s core businesses despite a challenging operating environment. Top\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/354.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571887,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/03\/this-week-on-making-it-the-managers-of-one-of-egypts-biggest-venture-capital-firms\/","url_meta":{"origin":608958,"position":5},"title":"This week on Making It: The managers of one of Egypt\u2019s biggest venture capital firms","author":"enterpriseam admin","date":"3 June 2020","format":false,"excerpt":"Our guests this week manage one of the most high-profile venture capital firms in Egypt with a portfolio that includes tech and tech-enabled businesses in e-commerce, transportation, fintech and more. Learn about the landscape of private investment and what makes a startup attractive to VCs in our next episode of\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\/2020\/6\/28.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/608958","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=608958"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/608958\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/608942"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/608959"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=608958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=608958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=608958"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=608958"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=608958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}