Vitas Egypt – Launching soon
Vitas is proud to announce the launch of Vitas Egypt in partnership with Egyptian private equity firm, Ebtikar for Financial Investment . Vitas Egypt will be incorporated soon and aims to launch lending operations in May 2018. It will serve both micro and small enterprise clients through a nationwide strategy that builds on Vitas’ longstanding regional experience and uses both digital and traditional channels to rapidly expand its reach across the country.
In 2014, the government introduced new legislation to encourage a more commercial approach to financial inclusion and bring the sector under the supervision of the Central Bank of Egypt. With a population of approximately 91 million and 25% of the population living below the poverty line, Egypt is the third largest market in Africa and the largest in the MENA region. Estimates show that there are 9.5 million potential borrowers, where current microfinance providers serve less than 2 million active clients.