Reefy gets first Microfinance Licence in Egypt – Sawiris

Egypt’s first private sector microfinance lender, Reefy has obtained an official licence from the country’s regulator to practice microfinance lending activities, tycoon Naguib Sawiris announced.

Reefy has become the first company in Egypt to obtain the microfinance licence by the Egyptian Financial Supervisory Authority (EFSA) following the issuance of the long-awaited microfinance law.

The microfinance law would allow non-financial companies including microfinance institutions (MFIs) to lend directly to consumers.

Reefy is an Egyptian microfinance company that specialises in lending to small and medium-sized companies.

Ahmed El Bardai, former chairman of Banque du Caire, established Reefy in 2007 with $3.7 million of paid-in capital through a combination of his own investment, state-run Social Fund for Development (SFD), and money from Naguib Sawiris, the business partner.