Beltone Financial acquires Upper Egyptian Cash Microfinance

Based in Minya, Cash Microfinance operates in Upper Egypt. Beltone announced that the deal is the transfer of ownership of the acquired company pending approval from the Financial Regulatory Authority (FRA).

Beltone operates 13 subsidiaries that specialize in diverse areas of finance and investment.

Emirati investment fund Chimp 1 Investment SPV RSC LTD, a subsidiary of US-based Chimera Investment Company, owns 55.9 percent of the company, while Egyptian tycoon Ahmed Abu Hashima holds a 9.9 percent stake.

The e-payment and buy-now-pay-later businesses are booming in Egypt, as inflation curbs citizens' purchasing power. The rise of these services came in tandem with the Central Bank of Egypt's (CBE) efforts to boost financial inclusion.

In July, the CBE issued rules for licensing, registering, controlling, and supervising digital banks. In a similar vein, the FRA issued new rules for the use of use of financial technology (fintech) in the non-banking financial sector.

Financial inclusion rates of the country have improved between 2016 and 2022 by 147 percent, according to figures released by CBE.