(MENAFN- Daily News Egypt) Consumer finance company Mid Takseet has rebranded as MOGO (Money on the GO) and significantly increased its capital to EGP 225m. The rebranding, which includes a shorter, more memorable name and streamlined application processes, aims to boost market share and attract new customers, aligning with Egypt's Vision 2030 goals for digital transformation and financial inclusion.

The company's chairperson, Sameh Montasser, highlighted the substantial growth of Egypt's consumer finance sector, citing a Financial Regulatory Authority report showing a 40% year-on-year increase to approximately EGP 32bn in 2023.

He linked the rebranding to MOGO's expansion plans, including offering more flexible services such as tailored repayment plans. The 125% increase in capital from the previous year will support this expansion, he said.

MOGO's chief executive officer, Mahmoud El-Ghawass, announced strong financial performance in 2024. Credit limits extended to customers reached EGP 2bn, the customer base quadrupled to 75,000, transaction value reached EGP 1bn (a 250% increase year-on-year), and app downloads rose by 150%. The company also expanded its network of financing partners to 14 and its merchant base to 1,000.

MOGO is targeting a doubling of both its market share and customer base. Future plans include introducing a MOGO-branded card to broaden its financial services. Hany Abdel Wahab, the company's chief commercial officer, noted the expansion of operations to 10 governorates, with plans to expand further. Existing partnerships with companies such as InstaPay, Paymob, Geidea, Fawry, Aman, Ahli Momken, and Basata Pay allow MOGO to offer a range of services including car loans, e-commerce purchasing, and bill payments. Further expansion will include financing club memberships.

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