Cleaver officially launches its BNPL service after getting approval from the Financial Supervisory Authority.
The service lets users manage their spending easily and flexibly using the Clever app.
This launch comes when the cost of living increases and more people are looking for ways to pay in installments.
Cleaver, a top digital money management platform, announced the launch of its new “Buy Now, Pay Later” (BNPL) service after getting approval from the Financial Supervisory Authority. This service offers users a more flexible way to manage their finances and supports Cleaver’s goal of improving financial inclusion in Egypt.
What is Cleaver’s “Buy Now and Pay Later” service?
Clever’s BNPL service offers a new and easy way to manage everyday spending. It combines the simplicity of prepaid payments with the flexibility of paying in installments.
Instant approvals.
Dedicated credit limits for each user.
The process is smooth and happens completely through the Cleaver app, with no complicated steps or intermediaries involved.
Niels Pachtler, CEO of Clever, said:
“We aim to achieve a radical change in financial services in Egypt, and this service will be a new beginning for the complete control of financial decisions with unprecedented confidence and ease in line with our vision to provide a transparent and clear financial experience.”
Omar Sharif, Executive Technical Director of Clever, added:
“This move allows us to seamlessly integrate lending services into our ecosystem, delivering more flexible services and a smoother and user-friendly experience. We are not just adding a new feature, but unleashing innovative financial potential for our customers, enhancing their ability to achieve their goals confidently and easily.”
Why is this an important step now?
This launch comes as more people in Egypt are looking for flexible ways to manage their money, especially with the rising cost of living. As a result, installment payment services are more popular than ever.
Bassem Youssef, CFO of Cleaver Group, commented:
“Our mission is to connect consumer needs with financial sustainability. Adding Buy Now and Pay Later (BNPL) to the Cleaver ecosystem enhances our revenue model and provides exceptional value to users. We are entering a new phase of responsible, data-driven growth.”
Last November, Orascom Financial Holdings agreed in principle to a purchase offer from Cleaver Holding Limited to buy 59.39 million shares. This represents 98.99% of Cleaver’s capital for developing electronics and electronic payments.
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