Reefy Microfinance invested EGP 4 billion in 2024, raising total funding to over EGP 20 billion. It opened 23 new branches, boosting its extensive branch network to 185 locations. The company’s operational revenue increased by 27%, while net profit reached EGP 374 million, despite economic challenges. Additionally, Reefy received global recognition for its consistent growth, being listed among Africa’s fastest-growing companies by the Financial Times.
In 2024, Reefy Microfinance Enterprise Services invested EGP 4 billion, boosting its total funding to over EGP 20 billion since its founding in 2007. This significant funding milestone accounted for 20% of the company’s historical financing, highlighting its expansion in the microfinance sector. As the first licensed microfinance operator by Egypt’s Financial Regulatory Authority (FRA), Reefy plays a crucial role in promoting entrepreneurship and financial inclusion.
Reefy continued its growth strategy, increasing its client portfolio to EGP 3.2 billion with an average loan size of EGP 36,400, up by 23%. The company opened 23 new branches in 2024, expanding its network to 185 branches across 21 governorates, which facilitates access to financial services in underserved regions. Reefy’s operational momentum is complemented by strong financial results, recording an operating revenue of EGP 1.84 billion, a 27% rise from the prior year, and net profit of EGP 374 million.
Despite facing economic challenges like an 800 basis point interest rate increase, Reefy’s Managing Director, Ahmed Labib, emphasized the firm’s resilience. He mentioned, “Reefy continues to demonstrate that sustainable growth and financial stability are achievable, even amid economic uncertainties.” Labib affirmed the company’s commitment to innovation in financing solutions, aiming to maintain client trust.
In a key financial achievement, Reefy obtained FRA approval in November 2024 for a securitization of EGP 1.066 billion, marking its second issuance under a bond program with a “Prime 1” credit rating from MERIS. This issuance strengthened Reefy’s liquidity, enabling competitive financing for micro-entrepreneurs. Global recognition further followed when the Financial Times listed Reefy among Africa’s fastest-growing companies for the second consecutive year in May 2024, highlighting its successful expansion in the microfinance industry.
Reefy Microfinance’s robust performance in 2024 emphasizes its leadership in the microfinance sector, marked by significant funding growth and branch expansion. The company’s adaptability in managing economic challenges and proactive regulatory compliance showcases its commitment to fostering financial inclusion and client trust. Globally recognized for its expansion efforts, Reefy continues to play a pivotal role in Egypt’s economic landscape.
Original Source: www.dailynewsegypt.com
