Beltone Financial Holding, one of the fastest-growing investment banks, has announced the expansion plans and strategic objectives of Cash for Microfinance, its wholly owned subsidiary, Invest-Gate reports.

Cash for Microfinance aims to offer innovative solutions that meet the needs of its customers in underserved areas. The company’s objective is to create a social and economic impact by generating over 3,000 direct job opportunities for young people and 60,000 indirect jobs.

Cash aims to achieve this by reaching economically active customers with financial needs, focusing on technological and digital solutions to provide exceptional services and fulfill strategic goals. The company also plans to develop and enhance the efficiency of its workforce.

To strengthen its reach, the company intends to increase the capacity of its branches throughout Egypt and launch multiple mobile branches. This expansion aims to make financial services more accessible, particularly in remote areas. Beltone aims to maximize the company’s capital base to reach EGP 500 mn.

Morcos Nabil, CEO of Cash for Microfinance, stated, “By the end of 2023, we aim to increase the number of branches to 50, and our goal is to reach 150 branches by the last quarter of 2024. We aim to provide financing solutions to over 100,000 customers throughout Egypt, with a particular focus on underserved areas in Upper Egypt, the Nile Delta, El Wadi Elgedid, and the Red Sea.”

He further mentioned that the company has already inaugurated five new branches in recent days after completing the acquisition by Beltone and obtaining the necessary approvals from the Financial Regulatory Authority.