By : Bakinam Khaled
One Finance, the integrated consumer financing platform, has partnered with CRIF, the global powerhouse in the provision, management, and operation of credit bureaus worldwide.
This partnership secures access for One Finance to fully use CRIF's wide range of services in credit bureau, credit scoring models, data analytics tools, and global expertise in business intelligence and credit risk management.
Leveraging CRIF's credit rating models and powerful data analytics tools, especially in the evaluation of alternative data through digital assessment models based on customer behaviors and social data, One Finance aims to improve financial inclusion and empower individuals to plan and save in the face of rising prices. This allows the company to support consumer finance, a sector that has witnessed significant growth in recent years.
Under this strategic partnership, CRIF has harnessed its strong resources in nearly 50 countries around the world for One Finance to use. It allows One Finance to accurately assess the creditworthiness of individuals, streamline credit decision-making, and optimize financing strategies with maximum efficiency and accuracy, a transformational step in consumer finance solutions.
Hazem Madani, One Finance’s deputy chairman, MD and CEO, stated that this partnership comes to highlight the vision of the two joint companies, enhancing One Finance's services as a market leader in consumer finance in the Egyptian market. The collaboration aims to expand the range of consumer finance solutions, making them more accessible to a wide range of individuals.
Additionally, the partnership seeks to protect and enhance the financial well-being of various groups impacted by reduced purchasing power, thus promoting financial inclusion on a large scale in Egypt. This alliance will further strengthen One Finance's position as an effective consumer finance partner, enabling the company to expand its customer base.
This first-of-its-kind partnership complements the companies’ strategy to nurture the consumer finance ecosystem. It brings together CRIF–a global leader in the credit information industry–and One Finance, one of the largest integrated consumer finance solution providers known for its exceptional systems and tailored programs designed to meet the specific requirements of each individual and to cater to a broad range of consumers.
With financing options ranging from a minimum of EGP 10k to a maximum of EGP 6 M, Egyptian customers have access to the highest credit limit offered in the market. They can also enjoy flexible payment and installment plans, diverse facilities, and financing terms extending up to 84 months.
Established in Italy, CRIF is a global company specializing in the management of credit information, credit rating, data analysis, value-added services, and loan management solutions. The company holds a strong presence internationally, with more than 10,500 financial institutions and banks benefiting from the company's service in the world, in addition to 600 insurance companies, 82,000 commercial customers, and 1,000,000 consumers on 4 continents on a daily basis.