(3 Minutes Read)
The programme aims to empower youth employment through private sector support, to launch the “Underprivileged Entrepreneurs Reach Project” for a total of EGP 60m
Beltone Financial Holding, one of the fastest-growing financial institutions, announced that Cash for Microfinance, a wholly-owned subsidiary of Beltone, has signed an agreement with the Challenge Fund for Youth Employment (CFYE). The programme aims to empower youth employment through private sector support, to launch the “Underprivileged Entrepreneurs Reach Project” for a total of EGP 60m.
The agreement aims to provide financing to entrepreneurs, with a special focus on women and youth. To achieve this, Cash will capitalize on mobile branches, bringing financial services closer to underserved communities, through dedicated female loan officers equipped with all necessary tools to eliminate long commuting by women.
Cash will offer incremental loans, provide financial support for participation in local fairs, and assist in the development of a strong social media presence for entrepreneurs. It will offer comprehensive training programs to enable entrepreneurs to effectively maintain and promote their businesses.
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The project includes the creation of about 2,500 jobs for youth. Cash will reach these entrepreneurs in their communities and homes through mobile branches, giving them local assistance and quick access to finance through the development of a digital enabling app. Meanwhile, Cash will also accelerate change in the microfinance business by establishing a training school focused on enhancing the skills of recent graduates (50% of whom are women), allowing them to enter the microfinance workforce.
