Nawy Subsidiary ‘Nawy Now’ Secures Mortgage License from Egypt’s FRA – Dailynewsegypt
Nawy, a leading proptech company in Africa, announced that its subsidiary Nawy Now has obtained a mortgage license from the Financial Regulatory Authority (FRA) of Egypt. This milestone allows Nawy Now to offer mortgage solutions, addressing a significant hurdle for Egyptians seeking financing for homeownership, particularly in the pre-owned property market.
Nawy aspires to become the central platform for all real estate transactions in the region, beginning with Egypt. The company leverages its extensive network of developers, buyers, sellers, and brokers to fulfil the growing demand for mortgage solutions, especially for pre-owned properties. According to the FRA, the primary real estate market in Egypt surpassed 800 billion EGP in 2023, while mortgage financing only reached EGP 10.4 billion. This gap stems from the prevalence of embedded financing in primary transactions, while resale properties are typically purchased with cash. Nawy Now aims to bridge this gap and empower individuals and families to achieve homeownership.
Mostafa El Beltagy, CEO & Co-Founder of Nawy, outlined the company’s strategy, stating, “We plan to showcase pre-selected resale properties with embedded financing on our Nawy App and website. These properties will mirror developers’ payment plans and offer highly competitive prices. Nawy Now will go beyond the services provided by traditional mortgage companies, offering an unparalleled experience in helping clients find their ideal home. This will be achieved through Nawy’s cutting-edge technology, extensive resale inventory, and expert guidance from our dedicated team of property consultants.”
Nawy Now streamlines the buying process by providing clients with access to a wide range of “move-now-pay-later” properties on the Nawy App. Once a property is chosen, the company handles all paperwork and logistics, ensuring a smooth journey from selection to move-in.
Omar El-Barouny, Managing Director of Nawy Now, highlighted the company’s focus on flexibility: “With approval cycles as short as one day, competitive prices compared to off-plan projects, flexible payment plans extending up to 10 years, and fixed instalments, clients can secure their dream properties and enjoy immediate, hassle-free move-ins.”
El Beltagy commented on government initiatives supporting the mortgage and real estate sectors, stating, “Nawy plans to play a pivotal role in driving this agenda forward and becoming a key player in the sector, aligned with the government’s focus on growing mortgage finance.”
Nawy Now remains committed to providing exceptional service and expertise in mortgage financing. Clients can rely on Nawy Now for trustworthy advice and support throughout their entire mortgage journey.
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