In 2017, CI Capital acquired an 80% stake in Egypt’s leading microfinance institution, Reefy.
Reefy, established late 2007 and based in Cairo, operates within the diversified financial services sector, with the sole purpose of lending to unbanked clientele.
The firm lends to a wide span of industry and service micro-sized companies, excluding agriculture and transport. Reefy is the first company in Egypt to obtain the microfinance licence from the Egyptian Financial Supervisory Authority (EFSA), following the issuance of the long-awaited microfinance law.
Over the past decade, Reefy has secured a leading market position, due to its state-of- the-art Management Information System. The system’s novel techniques led to clear, efficient, and controlled, operational procedures, allowing the firm’s portfolio to grow exponentially, with a successful repayment rate of over 99%.
Reefy continued its expansion strategy, growing its network of branches in rural and urban communities, throughout 20 governorates Egypt, to 40 branches. In 2016, Reefy diversified its offering to include group lending, in addition to its traditional offering individual lending. The firm is maintained by its young and dynamic 1,200 staff members.