Cairo: Noqood Finance, a subsidiary of Noqood Holding, has announced its acquisition of the final license to engage in financing small and medium-sized enterprises (SMEs) under the supervision of the Financial Regulatory Authority - FRA. This move comes as part of efforts to support the role of the private sector in supporting the national economy and to complement the efforts of the Financial Regulatory Authority in providing all forms of support to emerging companies for the development and expansion of their businesses to serve the national economy, which play an influential and effective role in the Egyptian economy.

This step comes within the context of the Egyptian efforts to enhance the role of the small and medium-sized enterprises sector as a driver of economic development and job creation. These companies are considered the backbone of the economy and a primary source of innovation and development. Noqood Finance aims to provide tailored financial investments and innovative solutions for small and medium projects that meet the needs of the community and enhance sustainable development, in addition to advisory services. The company aims to support projects that improve the quality of life and enhance the economic and social infrastructure of the Egyptian community.

In this context, Hazem Anbar, CEO of Noqood Finance, stated: "We are committed to providing financing services with the highest standards of quality and transparency. We strive to support small and medium-sized enterprises in achieving their success and business objectives. The company will serve as an advanced platform specialized in meeting the diverse and unique financial needs of small and medium-sized enterprises. It will continue to offer a diverse and affordable range of innovative financial solutions through its advanced capabilities."

Anbar added: "According to recent statistics, the number of SMEs in the market is witnessing continuous growth, confirming the urgent need to provide appropriate financing and support for these companies. The acquisition of the final license by Noqood Finance reflects great confidence in the company's ability to provide high-quality and market-compatible financial services to support the Egyptian state's vision for financial inclusion and digital transformation."

Dr. Abdelrahman Ali, CEO of Noqood Holding, confirmed: "This step is a strategic addition to our group, as we constantly strive to provide innovative financial solutions that support the national economy by providing clients with innovative solutions that support the development of their businesses. We believe in the ability of startups to achieve success and growth, and we consider supporting them one of our top priorities, as we seek to provide the necessary support to achieve their goals and aspirations in the growing Egyptian business market."

Noqood Finance aims to support entrepreneurship and financing small and medium-sized enterprises, which are essential pillars of the national economy. The company aims to provide innovative and suitable financial solutions that meet the needs of companies, thereby contributing to the enhancement of economic activity, job creation, and the growth of the private sector in Egypt.

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About Noqood Finance:

Noqood Finance aims to foster small and medium enterprises in Egypt through financial investments and advisory services and, thus, help boost our emerging economy.

Small and medium enterprises (SMEs) are the backbone of the Egyptian economy. They account for more than 90% of all enterprises, employ more than 43% of the total workforce, and contribute to around 80% of GDP. However, in recent years, these companies have been facing many challenges such as a shortage of capital, limited technical capacity, or access to markets.

About Noqood Holding:

Noqood Holding, headquartered in Cairo, Egypt, was founded in July 2021 by a team of seasoned experts in the Financial and Technology industries, with the main objective of offering smart, personalized, and tech-enabled financial solutions to end-users. Bringing the best of both the Business and Technology worlds, bootstrapped the way into becoming a leader in the Egyptian Fintech space, providing multiple services to diversify customers’ portfolios and positioning themselves as a hub for unique financial innovations and top-notch calibers