In Egypt, lending apps boost cash-strapped women business owners

Cairo

Nagat Mohamed was in a desperate situation. After sales plummeted at her clothing store in Egypt’s Nile Delta, she took out a loan from a microfinance company to continue the business, but also didn’t earn enough to repay it.

To escape default, the entrepreneur turned to a traditional money lending system known as gameya – relaunched with a 21st century twist as an app.

“It was a real lifeline,” Ms. Mohamed told the Thomson Reuters Foundation by telephone.

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