EFG Hermes launches installment sale services in Egypt

CAIRO - 14 December 2017: EFG Hermes launched Thursday a financial technology solution offering consumers payment-on-installment programs.

Under the brand name of valU, EFG Hermes, which is a financial services corporation in the Middle East and North Africa, allocated an initial LE 250 million in investments to its new venture.

More allocation to be deployed as valU expands its client base and vendor network. “The launch of valU marks yet another milestone in our push towards diversifying our revenue stream through innovative financial products,” said EFG Hermes Group CEO Karim Awad.

“The gap between Egyptian consumers’ aspirations and their purchasing power presents a unique opportunity to offer an innovative, and convenient solution,” said Walid Hassouna, head debt capital markets.

The service will make its official debut during January 2018, initially being rolled-out in Greater Cairo before expanding vendor partners and client acquisition activities across other governorates. Consumers will be able to download the application from the App Store and Google Play.

EFG Hermes achieved 476 percent year-on-year increase in net profit in the third quarter (Q3) of 2017 to stand at LE 237 million.

The company's revenues recorded a 184 percent year-on-year increase to stand at LE 834 million, attributed to diversification of the company's products and the company’s expansion.