In 2024, Reefy Microfinance Enterprise invested EGP 4 billion in financing, bringing their total since 2007 over EGP 20 billion, with significant growth in client portfolios and profits despite economic challenges. The company opened 23 new branches and was recognized as one of Africa’s fastest-growing companies for the second consecutive year, underlining its role in promoting financial inclusion and entrepreneurship.
Reefy Microfinance Enterprise Services has invested EGP 4 billion in Egypt’s economy throughout 2024, enhancing its total funding since its inception in 2007 to over EGP 20 billion. This substantial investment constituted 20% of the company’s cumulative financing, marking a significant advancement in its growth trajectory. As the pioneering firm licensed by the Financial Regulatory Authority (FRA) for microfinance operations, Reefy continues to deliver tailored financial solutions, bolstering entrepreneurship and fostering economic engagement.
In December 2024, Reefy reported a client portfolio totaling EGP 3.2 billion, with an average loan amount rising to EGP 36,400—reflecting a 23% increase. The company has opened 23 new branches in 2024, bringing its network to a total of 185 locations across 21 governorates, thereby improving access to financial services, especially in underserved regions.
Despite economic challenges, including an interest rate rise of 800 basis points at the beginning of the year, Reefy achieved robust financial performance in 2024. The firm reported an operating revenue of EGP 1.84 billion, representing a 27% increase from the last year, while net profit escalated to EGP 374 million, with a remarkable return on equity of 78.1%.
Ahmed Labib, Managing Director and CEO of Reefy, emphasized the company’s resilience amidst economic fluctuations, stating that “Reefy continues to demonstrate that sustainable growth and financial stability are achievable, even amid economic uncertainties.” He also underscored the firm’s dedication to innovation and ensuring client trust.
In a pivotal development, Reefy received approval from the Financial Regulatory Authority in November 2024 for securitizing a portfolio valued at EGP 1.066 billion through the Egyptian Securitization Company. This transaction marked the second issuance under Reefy’s securitization bond initiative and attained the prestigious “Prime 1” rating, thereby enhancing liquidity for supporting micro-entrepreneurs.
Reefy’s growth extends beyond domestic achievements, as it gained international recognition by being featured on the Financial Times’ list of Africa’s fastest-growing companies for the second consecutive year in May 2024. This accolade underscores Reefy’s successful and sustainable expansion, reinforcing its leadership position within the Egyptian microfinance landscape.
Reefy Microfinance’s substantial investment in 2024 reinforces its leadership in the microfinance sector, illustrating its commitment to financial inclusion and entrepreneurial support. The company’s impressive growth metrics, including increased operating revenue and client portfolio, exemplify its adaptability and resilience in challenging economic conditions. Furthermore, the securitization initiative and global recognition further solidify Reefy’s esteemed position in the industry.
Original Source: www.dailynewsegypt.com
