- Egypt’s businesswomen face high microlending rates
- To cope, many turn to online loan circles
- New apps offer lifeline in pandemic
CAIRO, Dec 30 (Thomson Reuters Foundation) – Nagat Mohamed was in dire straits. After sales at her clothes shop in Egypt’s Nile Delta plummeted, she took out a loan from a microfinance company to keep the business going – but did not earn enough to pay that back either.
To escape default, the 43-year-old entrepreneur turned to a traditional money-lending system known as a ‘gameya’ – revived with a 21st-century twist as an app.
“It was a real lifesaver,” Mohamed told the Thomson Reuters Foundation over the phone.
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“I could not sleep because of the debts, but finding this app saved me and my children.”
A gameya …….