Egypt’s Mid Takseet consumer finance company has officially rebranded as MOGO (Money on the GO) and significantly increased its capital to EGP 225 million (approximately $4.51 million). The move is part of a broader strategy to expand its market share and improve customer acquisition, while aligning with Egypt’s Vision 2030 goals for digital transformation and financial inclusion.
- Rebranding and Market Expansion: The rebranding to MOGO reflects the company’s focus on a more memorable, streamlined name and simplified application processes to attract new customers and enhance brand recognition.
- Capital Increase: The company increased its capital by 125%, rising from EGP 100 million in 2023 to EGP 225 million, which will support the expansion plans and the introduction of more flexible services.
Financial Growth and Performance:
- Strong 2024 Performance: MOGO’s financial performance in 2024 has been robust, with:
- Credit limits extended reaching EGP 2 billion.
- The customer base quadrupling to 75,000.
- Transaction value increasing by 250% year-on-year to EGP 1 billion.
- App downloads growing by 150%.
- Expansion of Partnerships and Services: MOGO has expanded its network of financing partners to 14, alongside a merchant base of 1,000. The company also offers a range of financial services, including car loans, e-commerce purchases, and bill payments through partnerships with major players like InstaPay, Paymob, Geidea, Fawry, and others.
Future Plans and Vision:
- Doubling Market Share: MOGO plans to double both its market share and customer base in the coming years.
- New MOGO-Branded Card: The company intends to launch a MOGO-branded card to further expand its financial offerings.
- Geographic Expansion: MOGO is expanding its operations to 10 governorates in Egypt, with plans for further growth across the country.
- Financial Inclusion: MOGO’s services are aimed at improving financial inclusion, helping more Egyptians access consumer finance products with tailored repayment plans and flexible services.
Chairperson’s Remarks:
Sameh Montasser, MOGO’s Chairperson, highlighted the rapid growth of Egypt’s consumer finance sector, referencing a 40% increase in the sector’s size in 2023, which reached EGP 32 billion. This expansion, according to Montasser, reflects the growing demand for financial products that cater to a wide range of consumer needs.
CEO’s Outlook:
Mahmoud El-Ghawass, MOGO’s CEO, expressed confidence in the company’s strong growth trajectory, emphasizing that the company’s comprehensive expansion strategy and partnerships would allow MOGO to meet Egypt’s demand for accessible financial services, especially as digital transformation continues to reshape the market.
With the rebranding to MOGO, a capital increase, and a clear focus on digital transformation and financial inclusion, the company is positioning itself for significant growth in Egypt’s consumer finance market. Its ongoing efforts to expand its services, increase market share, and build on strategic partnerships align with Egypt’s broader goals for economic growth and inclusion under Vision 2030.
