Reefy secures FRA approval for EGP 1.064bn securitisation bond issuance
Microfinance Enterprise Services – Reefy announced that it has received final approval from the Financial Regulatory Authority (FRA) for the third issuance under its second securitisation programme, with a total value of EGP 1.064bn, in favour of Egyptian Securitisation Company.
The issuance forms part of Reefy’s ongoing strategy to adopt innovative and sustainable financing instruments that enhance liquidity management efficiency and support the company’s growth and geographic and operational expansion plans, particularly amid current economic challenges and evolving market conditions.
The third securitisation issuance is structured into three tranches: a first tranche valued at EGP 451m with a six-month maturity; a second tranche of EGP 413m with a 12-month maturity; and a third tranche amounting to EGP 200m with a 19-month maturity.
The bonds received strong credit ratings from Meris Credit Rating Company. Both the first and second tranches were awarded a Prime 1 rating—the highest credit rating—while the third tranche received an A- rating.
These ratings are consistent with those assigned to the corresponding tranches in the previous issuance, underscoring the stability of Reefy’s financing portfolio and the robustness of the issuance’s credit structure.
Commenting on the milestone, Ahmed Labib, Managing Director and Chief Executive Officer of Reefy, said: “This issuance marks another important step in Reefy’s journey towards building a sustainable financing model based on diversified funding sources and the optimal use of capital. Our continued success in executing consecutive securitisation transactions reflects the strength of our business model, the quality of our portfolio, and the growing confidence of the market and investment institutions in our ability to manage growth efficiently and responsibly.”
He added: “The proceeds from this issuance will support our expansion plans and enable us to reach a wider customer base, while continuing to offer competitive financing solutions tailored to the needs of microenterprise owners. This further strengthens Reefy’s role in advancing financial inclusion and promoting sustainable economic development.”
Established in 2007, Reefy is the first company in Egypt to receive a licence from the Financial Regulatory Authority to operate in the microfinance sector. The company currently serves approximately 145,000 clients through a network of 220 branches across 22 governorates nationwide.
Reefy has also been ranked among Africa’s 100 fastest-growing companies by Statista and the Financial Times for three consecutive years—2023, 2024, and 2025—highlighting its strong performance and sustained growth in a highly competitive market.
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