Murad Al-Ashry, CEO and founder of the (Qustly) application for installment services, said that the application was launched in April of last year, and the Corona pandemic contributed to the spread of the application idea; As the pandemic raised awareness among citizens of the necessity and importance of buying and paying online, which contributed to a 3-fold increase in online sales, compared to the period before Corona.
Al-Ashry revealed that the Qastly application is the first digital product that provides installment services based on artificial intelligence, which provides a quick and safe assessment of risks, which helps facilitate installment procedures without the need to submit required bank papers or dependencies.
He explained that he provides a small credit limit service, the value of which ranges between 200 and 1500 pounds, and does not require guarantees, and the borrowing process takes place online without the need to submit papers, noting that it targets non-bank customers, especially the youth, and rural regions and villages.
Al-Ashry added that he aims to increase the credit limit to 5,000 pounds during the current year, provided that sufficient guarantees are provided by the customer.
The founder of the application said that he conducted a comprehensive study of the market, during this year, and was able to build a strong customer base that reached 6 thousand customers so far, and it also provides installment services to its users through 67 merchants of different brands in the Egyptian market, aiming to reach 300 merchants by the end of the year. this year.
Al-Ashry: Increasing the credit limit to 5000 pounds this year
He pointed out that “Qastly” was very popular; The total financial transactions through the application amounted to one and a half million pounds, during the past year.
Al-Ashry plans that the value of financial transactions through Qastalli will reach 15 million pounds during the current year, which is a strong indication of increased growth rates next year.
He pointed out that he aims to attract investments worth $2 million during the next year, to expand the company’s business, and reach 50,000 clients within a year of financing, and he has also started discussions with some investors from inside and outside Egypt.
He said that the Qastly application covers the Egyptian market completely, aiming to expand to other markets such as North Africa through Morocco and Tunisia, and East Africa through Kenya, Uganda and Tanzania. It is considered a market geographically similar to the local market, and it has a large percentage of non-bank customers, and it is the target segment for “Qastly”.
Al-Ashry plans to deal with online shops in the middle areas and villages during the current year, according to his strategic plan to expand and spread.
Al-Ashry described the competition as strong over the past two years, especially after the Capital Market Authority introduced a law to regulate installment services, which helped many companies to experience online installments, including those targeting bank customers, and others targeting non-bank customers.
Al-Ashry said that Qastly offers three marketing plans, which are installments within a month, three months or six months, and the application receives a rate of up to 2.5% per month.
He explained that Qastly is cooperating with electronic payment companies such as Fawry and Aman. To provide installment services, with Orange Money, and CIB Bank for collection through electronic wallets.