Reefy Microfinance Enterprise Services has injected EGP 4bn in financing during 2024, pushing the company’s total funding since its establishment in 2007 beyond EGP 20bn. Notably, the past year alone accounted for 20% of the total financing provided throughout the company’s history, marking a significant milestone in its expansion journey.
As the first company to secure a license from the Financial Regulatory Authority (FRA) to operate in the microfinance sector, Reefy has reinforced its leadership in delivering accessible financial solutions tailored to its clients’ needs. This underscores its vital role in fostering entrepreneurship, stimulating economic activity, promoting financial inclusion, and enhancing social stability.
Over the past year, Reefy sustained strong operational momentum, further consolidating its position in the microfinance industry. In December 2024, the company’s total client portfolio stood at EGP 3.2bn, with an average loan size of EGP 36,400—reflecting a 23% increase.
Committed to expanding its outreach, the company continued its strategic growth, opening 23 new branches in 2024. This expansion brought its total branch network to 185 locations across 21 governorates, ensuring broader access to financial services, particularly in underserved areas.
Reefy also posted robust financial results in 2024, reporting total operating revenue of EGP 1.84bn, a 27% increase from the previous year. Net profit surged to EGP 374m, with a record return on equity (ROE) of 78.1%. These achievements came despite economic headwinds, including an 800 basis-point interest rate hike at the start of the year. Moreover, Reefy was among the first companies to implement the new minimum wage in May, showcasing its proactive approach to regulatory compliance and its commitment to employee welfare.
Ahmed Labib, Managing Director and CEO of Reefy, highlighted the company’s resilience and adaptability in navigating economic challenges.
“Reefy continues to demonstrate that sustainable growth and financial stability are achievable, even amid economic uncertainties. Despite sharp interest rate hikes in early 2024, we maintained strong performance and steady expansion,” Labib stated.
He added: “With a clear vision and an exceptional team, we remain dedicated to expanding our footprint and innovating financing solutions to earn and retain the trust of our clients.”
In a key development, Reefy secured approval from the Financial Regulatory Authority in early November 2024 to securitize a portfolio worth EGP 1.066bn through the Egyptian Securitization Company. This transaction, executed as the second issuance under Reefy’s securitization bond program, received a “Prime 1” rating from MERIS, the highest possible credit rating. The successful issuance provided the company with ample liquidity to support micro-entrepreneurs with competitive financing solutions, further cementing its leadership in the sector.
Reefy’s impact also extended beyond Egypt’s borders, earning global recognition for its sustained growth. In May 2024, the company was once again featured on the Financial Times’ list of Africa’s fastest-growing companies, marking its second consecutive year on the prestigious ranking. This acknowledgment underscores Reefy’s success in achieving sustainable expansion and maintaining its dominance in Egypt’s microfinance industry.
