Reefy Microfinance injected EGP 4 billion into Egypt’s economy in 2024, bringing total funding since 2007 to over EGP 20 billion. The company opened 23 new branches and reported impressive financial results, with a 27% increase in revenue. It earned global recognition as one of Africa’s fastest-growing companies for the second year in a row.
In 2024, Reefy Microfinance Enterprise Services invested EGP 4 billion, contributing significantly to Egypt’s economy. Since its inception in 2007, the company’s cumulative funding has surpassed EGP 20 billion, with the past year representing 20% of this total, highlighting its rapid expansion in the microfinance sector.
As a pioneer in the industry, Reefy has been instrumental in providing accessible financial solutions and plays a crucial role in promoting entrepreneurship and financial inclusion, which in turn fosters economic activity and social stability. The company’s operational strength is evident in its growth momentum over the past year.
By December 2024, Reefy’s client portfolio reached EGP 3.2 billion, with an average loan size of EGP 36,400—reflecting a 23% increase. In its effort to enhance accessibility, Reefy opened 23 new branches across 21 governorates, bringing its total to 185 locations aimed at serving underserved communities.
The company achieved remarkable financial performance, reporting total operating revenue of EGP 1.84 billion, a 27% increase year-on-year. Net profit rose to EGP 374 million with an impressive return on equity (ROE) of 78.1%, showing resilience against economic challenges such as an 800 basis-point interest rate increase.
Ahmed Labib, Managing Director and CEO of Reefy stated, “Reefy continues to demonstrate that sustainable growth and financial stability are achievable, even amid economic uncertainties. Despite sharp interest rate hikes in early 2024, we maintained strong performance and steady expansion.”
Additionally, Reefy acquired approval from the Financial Regulatory Authority to securitize a portfolio worth EGP 1.066 billion. This transaction, under its securitization bond program, received a prestigious “Prime 1” credit rating from MERIS, thereby securing liquidity to support micro-entrepreneurs effectively.
Moreover, Reefy’s influence extends internationally, as evidenced by its inclusion on the Financial Times list of Africa’s fastest-growing companies for the second consecutive year. This recognition underscores its sustained growth and leadership in the Egyptian microfinance sector.
Reefy Microfinance’s significant investments and strategic expansions have greatly influenced Egypt’s economic landscape in 2024. The company’s robust financial performance and proactive initiatives reflect its commitment to fostering entrepreneurship and financial inclusion, culminating in its recognition as one of Africa’s fastest-growing enterprises.
Original Source: www.dailynewsegypt.com
