Egyptian startup Qardy, a marketplace and aggregator for debt financing, has partnered microfinance company Sandah to give MSEMs access to the necessary tools and resources.
Founded in July 2022, Qardy facilitates loans for MSMEs, with founder Abdel Aziz Abdel Nabi saying the startup’s goal was to be the “Amazon of lending”.
“Qardy aims to cut the waiting time to get a loan from nine months to around 18 days. Since the current lending process is manual, it takes so much time, and it mainly focuses on personal connections, making it very tough for MSMEs to go through the process,” he told Disrupt Africa in July.
Through its partnership with Sandah, a for-profit microfinance company, the startup aims to bridge the financial gap within the MSME sector in Egypt through a comprehensive suite of products and services designed specifically to address the different needs of the industry.
“We are thrilled about this strategic collaboration with Sandah. Together we aim to expand our coverage to cover the full extent of MSMEs sector, providing them with tailored financial products to both manage their cash flow cycles and cover their working capital needs,” Nabi said.
Source: Disrupt Africa