Fintech Gate: Reham Ali
EduCash, the financial technology company, has announced the launch of the most powerful program for financing education expenses in Egypt, in cooperation with several banks and consumer finance companies, with an interest rate of only 10% during the academic year.
This program is considered the first education tuition financing program compliant with Islamic Sharia law.
Dr. Mohamed El Okaby, founder of EduCash, explained that the company has been one of the fastest-growing startups in Egypt since its establishment, having succeeded in building partnerships with many banks and consumer finance companies to design a flexible program that enables parents to secure distinguished educational opportunities for their children at an affordable cost.
He added that the program was designed after an in-depth market study and the development of a strategy aimed at filling gaps and avoiding the shortcomings of various traditional financing programs, relying on the latest technologies through an innovative mobile application.
El Okaby pointed out that the company relies in its management on the energy of a group of young people and entrepreneurs, stressing that its primary goal is to achieve a social impact by enabling middle-class families to access high-quality educational opportunities and obtain advanced levels of education across different educational stages in Cairo and the governorates.
El Okaby revealed that EduCash had closed a funding round several months ago with the support of Tawasol Fund, and also received a grant from EduVenture Fund. The company is currently preparing for a new funding round expected to close by the end of this year.
He added that he has entrusted the full management of the company to a team of young entrepreneurs, while continuing to serve as non-executive Chairman of the Board of Directors.
For his part, entrepreneur Mohamed El Kammash, co-founder of EduCash, stated that the company succeeded in presenting a new model for financing education expenses that guarantees high-quality service for parents at the lowest interest rate in the market, in partnership with universities, schools, and educational institutes.
He confirmed that the program does not impose any commissions, administrative fees, or complications in the approval process, while providing a dedicated customer service team to facilitate financing procedures, along with a specialized team to manage relations with educational institutions, which are considered the main partners in achieving the best interests of students and parents.
