Bedaya

Bedaya Mortgage Finance (Bedaya) was established in 2019 as a joint venture between Talaat Mostafa Group (TMG), Egypt's leading developer of premium real estate communities, Ghabbour Auto’s Non-Banking Financial Institutions (NBFI) arm GB Capital, and EFG Hermes Finance, EFG Hermes Holding’s Non-Bank Financial Institutions (NBFI) platform. Today, Bedaya stands as Egypt’s first and only online mortgage provider, offering clients a multitude of superior mortgage financing solutions on residential, commercial, and administrative properties in Egypt. Its diverse mortgage financing plans are offered over 10-year repayment periods at competitive interest rates and the fastest turnaround time in the country. The company funds up to 90% of the current property value for residential units and 80% for commercial units, capped at EGP 28 million and EGP 56 million, respectively. It also allows clients to refurbish their properties through its Ijarah program. The company’s tailored mortgage financing solutions are backed by innovative, tech-led solutions and the on-ground acumen of decades in the industry, in addition to the necessary support services for expediting loan approval processes and ensuring the best quality service for clients when purchasing or even renovating properties.

2021 was an exceptional year for Bedaya, with the company maintaining strong growth momentum across its core operations. Bedaya’s operational capital registered significant year-on-year (y-o-y) growth, with the company having started with 2 banks with a facilities value of EGP 500 million, to reach a total of 5 banks, with facilities worth EGP 1.5 billion at year-end 2021. The company continues to take aggressive measures to expand its footprint and client base. In its first two years of operations, Bedaya has grown its portfolio to EGP 1,150 million and its client base to 437, attesting to the strength of its service offering and real demand for its long-term and competitive mortgage financing programs. As part and parcel of its expansion strategy and to keep up with its growth trajectory, Bedaya invested heavily in recruiting more local and regional talents to join its team of industry professionals, growing the team to 30, up from 9 employees in the previous year.

Bedaya’s unique value proposition, as the only online non-bank mortgage player in the country, has been key to its performance in 2021. As the structure of the Egyptian mortgage market continues to evolve, mortgage finance companies continue to rise in importance, primarily driven by major progressions in the sector’s information and communications technology. As such, Bedaya began expanding its online presence and growing its value proposition, introducing the first-of-its-kind non-bank mortgage finance application in Egypt and deploying digital marketing methods to increase client outreach. The company’s application is a unique, user-friendly fintech platform that offers a comprehensive suite of mortgage services and enables clients to connect with mortgage loan consultants and finalize their loan applications promptly and efficiently. With access to a myriad of financing solutions, users of Bedaya’s application are presented with opportunities to finance properties for initial purchases, refinance pre-owned properties, refurbish and finish pre-owned properties, conduct eligibility checks, track loan processes, upload required documents, and much more. The application implements the highest security measures and standards to ensure data retainment and safeguarding.

Bedaya’s portfolio recorded loans with EGP 850 million at year-end 2021, reflecting an 183% increase against the EGP 300 million booked one year previously. The company’s retail profile, mainly comprising of SME business owners was the largest contributor to the company’s overall growth, representing approximately 80%.

Looking ahead, Bedaya aims to continue leveraging its extensive industry expertise and market position, to expand its footprint and provide the best mortgage experiences for Egyptians locally and abroad, as well as non-Egyptians living and working in Egypt. The company’s plans for 2022 feature aggressive targets to grow and scale its portfolio value, to be equally split between returns from portfolio acquisitions and the company’s rapid growing retail profile. On the retail front, the company continues to undergo extensive processes to effectively analyze and capture retail prospects’ needs and demographics, with an eye to ensure better reach, and to become the flagship provider of choice for mortgage facilities. On the portfolio acquisition front, the company will continue to capitalize on its solid network of reputable developers and work steadfastly towards delivering a larger number of units to capture a larger share in the Egyptian market. To further grow its operations, Bedaya aims to continue growing its base of employees, with an eye to onboard a larger number of talented sales representatives and brokers. Additionally, the company continues to work towards enhancing the efficiency of its online mortgage platform and creating more seamless customer experiences. As such, Bedaya is in the process of introducing new features and languages to the application, positioning it to be a catalyst that will increase visibility and spur higher growth prospects for the company.