By : Bakinam Khaled
One Finance, the integrated consumer financing platform and ADVA, the first online service installment platform, announced signing a partnership agreement to facilitate installment of a wide portfolio of services provided by ADVA, including finishing, education, health, travel, car maintenance, weddings and insurance through various payment plans.
Founder and CEO of ADVA, Rania Gaafar, commented on the announcement: “We are excited to cooperate with One Finance which marks a significant step towards strengthening ADVA’s role in the consumer finance sector as a mediator between customers, service providers and collection partners. ADVA’s mission is to provide services that meet consumers’ essential needs and purchasing power while using modern technologies.
This contributes to advancing the economy and the financial technology sector, as an integral part of the country’s strategy towards digital transformation and financial inclusion in line with Egypt's Vision 2030.”
Rania Gaafar added that the partnership between ADVA and One Finance focuses on finishing services, being one of the various categories offered by ADVA “Finishing is considered a key category that the partnership focuses on, based on thorough market surveys conducted to understand the most in-demand installment services and needs among customers, who hit 15,000 within a short timespan.”
For his part, Hazem Madany, Deputy Chairman, MD, and CEO of One Finance, stated: “One Finance is proud to have ADVA as a strategic partner in the financing services, leveraging the platform’s proven expertise in the financing sector.
Signing this partnership with ADVA is part of One Finance’s commitment to expand its service offering and reach out to a new pool of customers, by providing an integrated consumer financing experience through a one-stop-shop for different categories.
We are keen on creating new partnerships with diverse entities to expand our market presence and increase our customers base, as part of our ambitious expansion plan.”
The partnership is set to offer consumer financing in 8 different categories, the most important of which are finishing and education. “One Finance will be able to benefit from ADVA’s network of service providers, which amounts to 2,000 providers and its customers base of 15,000 clients to offer bespoke programs tailored to individual needs with different repayment methods.
The company offers an interval of financing limit starting from EGP 10,000 and up to a maximum of EGP 6 million, the highest credit limit among operating companies in the market, along with various payment plans and facilities, and convenient installment plans,” said Mohamed Samir, Chief Marketing and Partnerships Officer of One Finance.
With a business volume estimated at EGP 200 million and up to 10,000 transactions reached in 2022, ADVA primarily works to alleviate the financial burden on the Egyptian family by converting annual expenses into monthly ones.
Thus, contributing to bridging and reducing the gap between citizens, especially those who are unable to obtain loans from other financial entities, by financing basic services through installment plans that last up to 60 months.