Kashat: Egypt’s First Nano-Lending App

THE CHALLENGE

Financial Assistance to the Underbanked

Built on the ideology to tackle financial exclusion in Egypt, Kashat wanted to get rid of the financial illiteracy that clouded the region and provides simple, yet impactful banking solutions for the masses. Kashat wanted to address a crucial pain point within the Egyptian market that could go either way, but the risk was worth it.

The pain point was vivid; lack of accessible banking setup for the common man and woman. This included small businesses, freelancers, and entrepreneurs looking to fund the initial stages of their micro-businesses. The solution? A system that would enable them to acquire short-termed nano loans instantly. 

For that, they required a secure digital wallet that would allow people from anywhere in Egypt to sign up for their system, without much paperwork and get loans. This digitally enabled financial service required an expert organization with prior experience in Fintech, and VentureDive was just the right choice for this. Having worked with previous clients such as TezFinancials, our portfolio was strong, which enabled Kashat to entrust their vision to our team of Fintech and technology experts.

In a rapidly expanding, highly competitive marketplace, our client envisioned a secure, transparent lending system for their users in Egypt. Their revolutionary approach evolved around offering an application that would allow users to acquire nano loans from EGP 100 to EGP 3000, with instant withdrawal, and convenient repayments.

TECHNOLOGY PARTNERSHIP WITH KASHAT

Reliable and Hassle-Free Banking Solution

Kashat appointed VentureDive as their end-to-end technology and consulting partner for their Fintech application. Their aim was to offer users instant cash starting from EGP 100 to EGP 300 with minimal, yet valid authentications. To construct their entire software, VentureDive initially conducted various discovery sessions to lock the requirements and technology assets that were to be created. Followed by a list of teams for the project, which consisted of mobile and web developers, designers, business analysts, quality assurance engineers, and a dedicated project manager. 

With the roadmap and developers finalized, our team worked endlessly to create a flawless MVP in just 4 months, the fastest anyone has ever created. Kashat’s fintech solution comprised a dedicated mobile application, a web-based admin portal for their in-house employees, and a web-based agent portal for third-party disbursement and collection channels. End-to-end security and multi-factor authentication were applied to the user application to maintain a safe environment and avoid any fraudulent occurrence.

Kashat came into partnership with VentureDive in 2018 and has been one ever since. Curating their project from inception to delivery helped create a better understanding of their ambitions and visualize their end goal with ultimate clarity. To top it off, our strong and sincere commitment to our timelines and deliveries further strengthened Kashat’s belief in us as their technology partner.

With a team of over 13 members, their experience and expertise in fintech enabled us to create a seamless application for Kashat. This resulted in a post-launch extended partnership that has been actively growing for the past 5 years. The relationship throughout has been built on a strong foundation of honesty and transparency. 

Processing paperless & seamless nano loans within minutes

Kashat’s multi-functional application is not only accessible but extremely efficient for a fintech application. The feature-rich application has an easy sign-up method with quick yet authentic verification methods. It further values privacy and security to the core. Hence the team using the Admin Portal takes up to 48 hours to verify your account and ID card details to avoid fraud of any sort. 

After the verification process, users can apply for a loan that is approved within minutes and transferred to their eWallet which they can withdraw from any of their partner branches. Kashat runs a vast network of channels that users can utilize for the disbursement and collection of money.

THE RESULTS

Powering premium features to access digital possibilities

The Kashat mobile application further offers various perks and benefits to its regular users who maintain a healthy credit score with timely repayments before reaching their installation deadlines. These premium features offer access to nano-loans greater than EGP 3000, which is a set limit for non-premium users, and a lower admin fee. Your profile will automatically be upgraded once you complete a cycle of 4 nano-loans using an early payment offer to meet deadlines.

The application runs on an easy installation interface that allows users to sign up with just their National ID card and a selfie. Recent updates now only allow users who are 18 and above to create their own Kashat account. 

The ROI of digitization

Kashat partnered with VentureDive and brought upon a model in a region where nearly 70% of the population was underbanked with zero financial literacy. The first-of-its-kind fintech application ran its first course on Android and Huawei’s App Gallery in 2020, resulting in a well-received and appreciated response. Moreover, the app’s before-time execution and launch was another milestone the teams achieved together, solidifying a long-termed partnership.

Their aim is to not only develop the underbanked but grant instant funds to micro businesses, freelancers, and entrepreneurs who are on their way to setting in stone a foundation for a successful business in a developing country. 

Since its launch in 2020, Kashat has introduced various insurance partners, distribution channels, and payment gateways, including Mastercard, Orange Cash, and CIB Wallets. They have further crossed over 1+ Million downloads on Google Play Store and have expanded their coverage to reach 100mn Egyptians and given out its 100,000th loan since August 2022.