Fawry Microfinance Reaches EGP 1 Billion in Total Loans💥

Local Pickup🌇

Fawry Microfinance Reaches EGP 1 Billion in Total Loans💥

Fawry’s (FWRY) subsidiary Fawry Microfinance has reached EGP 1 billion in total loan disbursal since it started its operations in 2018.

More Details🧐 Fawry Microfinance’s portfolio achieved robust growth in 2021 as it stands at EGP 437 million by the end of 2021, up by 67%. 

Why this Matters🤔 The company serves around 33,000 micro-entrepreneurs across 25 governorates in Egypt. The company also had a collection rate (amount collected as a percentage of amount billed) of 98.5% in 2021, which drove the volumes & transactions of the business. 

Taaleem Plans to Establish Two New Faculties in NUB🏫

Taaleem (TALM) informed the EGX that it obtained presidential approval to establish two new faculties (Architecture & Fine Arts) at Nahda University Beni Suef (NUB).

More Details🧐 Taaleem said that construction operations for these two faculties have already begun, & are expected to receive students during the next academic year, starting September 2022.

Why is this Important🤔 The two faculties come within the framework of the company’s expansion plan for Nahda University Beni Suef (NUB). The 111,000 square meter l& was initially acquired by Taaleem in 2020 to establish a university hospital & 5 new faculties. 

Edita Launches New Biscuit Line “Oniro Mini LAVA”🍪

Edita (EFID) launches its latest biscuit product, Oniro Mini LAVA. under the Edita’s Oniro label.

More Details🧐 The new product comes in pouches containing 4 sticks each & is priced at EGP 3. 

Why is this Important🤔 Edita entered the biscuits segment in 2020 launching Oniro as its first line. Biscuits segment Revenues from Edita rapidly grew at a rate of 79.2% in the first 9 months of 2021, making it Edita’s second-fastest-growing segment during the nine-month period.

Global Pickup🌎

Coinbase App Crashes After its Advertisement During Superbowl😬

Cryptocurrency exchange Coinbase (NASDAQ: COIN) saw its app crash due to increased app traffic following their Super Bowl ad.

More Details🧐 “We had over 20M hits on our landing page in one minute. That was historic & unprecedented. We also saw engagement that was 6 times higher than our previous benchmarks.” Chief Product Officer Surojit Chatterjee tweeted.

Why is this Important🤔 Coinbase spent around $14 million on its ad, which featured a QR code bouncing around a black screen for its full 60 seconds. Viewers who scanned the QR code were taken to Coinbase, where they were invited to sign up & receive $15 in free bitcoin plus the chance to win $3 million in prizes.

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