Amid soaring prices affecting households, Egyptians, particularly those part of Egypt’s large unbanked population, are on the lookout for easy and accessible financing. With the rebranding of the “Salamtak” application, “ADVA” aims to bridge the market gap and provide financing for many of Egypt’s underserved individuals.

ADVA, Egypt’s first online service installment platform, is focused on the continuous use of technology to serve the unbanked, underfinanced and those within the average income bracket.

The application’s distinctive feature entails a vast catalogue of services covering not only health and education but also finishing, weddings, travel, car services and insurance and others.  Through ADVA, customers are able to choose the service they require and get the best financing option at the cheapest rate.

“Throughout many years of professional work, I witnessed that many segments, despite having an above-average income, face different obstacles, especially when it comes to essential services they require,” said Rania Gaafar, CEO and Founder of ADVA.

“Furthermore, the ability to obtain cash finance in Egypt is very limited to banked customers only, who represent less than 15% of the population.  Hence, the idea of ADVA came to fill the financing gap for a considerable segment of the population that is completely underserved,” she added.

To use the application, users need to download the app and select the service they need financing for, as well as the provider from which they would like to get the service from.

Moving forward, users can insert the preferred down payment for the service, with a minimum usually estimated at 10%. National ID, income proof documents and a utility bill are among the requirements to be uploaded.

According to ADVA, 50% of users receive instant approval within 30 minutes, while others may receive it after 24 hours. Once the installment request is approved, the user receives the required financing from the selected financial service provider through ADVA.