EFG Hermes Corp-Solutions and Klickit enter into strategic partnership
- The agreement helps fill a funding gap faced by education service providers and contributes to Egypt’s drive to foster social and economic development by fueling the growth of the education sector.
Cairo: EFG Hermes Corp-Solutions, a wholly owned subsidiary of EFG Hermes Holding and one of Egypt’s leading leasing and factoring companies, and Klickit, a payment management and digital fee collection platform education, have entered into an agreement to provide educational service providers with a holistic set of financial solutions to drive the growth and development of the sector.
Through this agreement, Klickit’s network of education providers will have access to EFG Hermes Corp-Solutions’ leasing and factoring services to finance their capital expenditures. By receiving seed funding to cover projected tuition fees that will be collected through Klickit’s platform, EFG Hermes Corp-Solutions’ services will fill any gaps in schools’ cash flow needs. On the other hand, Klickit offers parents and students an online payment platform that makes paying school fees faster, easier and more affordable, expanding a range of payment solutions through its various partners, while providing schools with hassle-free digital access. , and a practical collection and reconciliation tool.
Capital expenditures financed by EFG Hermes Corp-Solutions leasing services cover all types of assets, such as administrative and educational headquarters, school equipment, transport fleets, etc. Educational institutions can also access their factoring services covering customer invoices and late payments to increase cash flow, accelerate revenue and avoid operational disruption caused by overdue tuition. .
“This is an important milestone for EFG Hermes Corp-Solutions, a long-time supporter of the education sector, and we are proud to further contribute to Egypt’s social and economic development goals by fueling growth. of this vital sector. Schools face difficulties in accessing funding; therefore, we want to facilitate this access to reduce the cash gap and help contribute to the development of the education industry, which is the most distinctive driver of economic productivity as well as societal and individual prosperity. said Talal Elayat, CEO of EFG Hermes Corp-Solutions.
Education is one of EFG Hermes’ priority sectors. Its education fund, a joint venture with GEMS Education, is one of the largest specialized investment funds in the MENA region dedicated to the development of Egypt’s K-12 sector. Additionally, EFG Hermes Finance invested in Klickit in 2021 to add value-added services to the digital platform and drive cross-selling operations across its combined network of universities, educational institutions and schools.
Saeed Talaat, CEO of Klickit, commented, “Education helps to reduce poverty and inequality, and our goal at Klickit is to ease the financial hassle faced by education providers to enable them to focus on what they do best, which is building the skills and competencies of Egypt’s youth. . We are proud to serve our network in the industry with a more comprehensive suite of financial solutions through this partnership, which opens doors for expansion, growth and the ability to provide superior services and facilities to individuals and to businesses. We expect the combined offering to educational institutions to transform the way they experience their day-to-day operations, as well as the way they think about their long-term goals. »
Created in 2017, Klickit is a digital platform that facilitates payments and tuition fees. Last year, the startup secured a massive deal with the Ministry of Education to serve 55,000 schools and 25 million students across 27 governorates, and surpassed the one million transaction mark. In 2022, it added 122 more schools to its portfolio and has so far facilitated transactions worth over EGP 1 billion.
About EFG Hermes Holding
With a current footprint spanning 14 countries on four continents, EFG Hermes Holding (EGX: HRHO.CA – LSE: EFGD) has grown over 38 successful years from a pure-play investment bank in the MENA region to a universal bank in Egypt with the leading investment banking franchise in frontier emerging markets (FEM). With our proven track record and a diverse team of talented employees, we provide a wide range of financial services that include advisory, asset management, securities brokerage, research and private equity in the entire GEF region. In our home country, we have the fastest growing Non-Banking Financial Institutions (NBFI) platform with operations spanning Microfinance, Leasing, Factoring, Buy-Now Pay-Later (BNPL), digital payment solutions, mortgage financing and insurance.
And with its latest acquisition of a majority stake in aiBANK, the company has been able to provide commercial banking products and services.
Through its three verticals, Investment Banking, Non-Banking Financial Institutions (NBFIs) and Commercial Banking, the group is uniquely positioned to consistently bring disruptive financial products and services to market, delivering a holistic portfolio that serves its growing base of individual and business customers of all sizes.
Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Omani | Jordan | pakistan | United Kingdom | Kenya | United States | Bangladesh | Vietnam | Nigeria | Singapore
Learn more about us at www.efghermes.com and stay connected with us:
Note on forward-looking statements
In this press release, EFG Hermes Holding may make forward-looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts, but represent only EFG Hermes Holding’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and beyond management’s control and include, among other things, the financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future laws, regulations and regulatory actions. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.
Klickit is a digital collection and payment management platform driven by a plug-and-play ethic. Klickit acts as a digital payments transformation partner for public and private educational entities in Egypt and globally, including Ministries of Education, through its integrated systems that digitize and facilitate end-to-end payment processes. end. To date, Klickit has successfully processed over 1 billion EGP. Klickit is the partner of choice for more than 350 private schools and 55,000 public schools.
For more information, please contact:
Head of Customer Value Management