In late 2009, Ghabbour Auto announced plans for a microfinance venture that would allow it to extend installment payment options to consumers unable to obtain mainstream financing; the project — which began operations in March 2010 — became known as Mashroey and has been the runaway success of Ghabbour Auto’s expansion plans.
Mashroey acquires Bajaj-branded motorcycles and three-wheelers, already imported and assembled by Ghabbour Auto, then sells the products to consumers on installment payment plans. The installment financing options allow low-income earners to extend the cost of vehicle ownership over an extended period, thereby making purchases of two- and three-wheelers affordable for a broader market segment.
Mashroey has engaged the experienced microfinance consultant and service provider EQI on a shareholder basis. EQI — a locally based firm that has equipped and launched microfinance operations throughout Egypt, the Middle East and Africa — will transfer its knowledge and expertise to the new venture and be a participating shareholder.