cashew, a front-runner among MENA fintechs, has teamed up with Mashreq, one of the leading financial institutions in the MENA region, in a ground-breaking alliance to revolutionize the UAE’s credit offering. This strategic partnership introduces a pioneering financial solution, offering instant, high-value loans, while redefining consumer lending in the region.

In a pioneering move that sets a new standard for the Middle Eastern fintech landscape, cashew is redefining ‘honest and inclusive credit.’ Moving beyond the typical boundaries of Buy Now, Pay Later (BNPL), which predominantly caters to discretionary purchases with 3 to 4 month tenures, cashew is ambitiously expanding its horizon. The company is now targeting significant life events, offering extended loan tenures that resonate more profoundly with consumer needs in essential sectors such as healthcare, education, and home improvement.

This bold initiative by cashew and Mashreq marks a significant paradigm shift in the realm of personal lending. It promises to empower consumers with immediate financing options at the point of sale for more substantial and meaningful expenditures.

What sets this initiative apart is the unique combination of flexibility and competitive rates it brings to the table – absent in the personal lending space in the region until now. This is not just a step forward; it’s a leap for consumer financial empowerment in the UAE, potentially reshaping how credit is perceived and utilized for major life decisions. With the DFSA enforcing regulation on BNPL providers, an unserved market segment in the UAE will be addressed through instant financing.

The service positions cashew as a vanguard in the industry, broadening its reach beyond that of its regional fintech counterparts. During its pilot phase, cashew is engaging with key healthcare and telecom providers to refine and perfect this innovative financing solution.

cashew’s CEO and Co-Founder, Ammar Afif, said: “Our collaboration with Mashreq over the past two years has positioned us to launch a financial product that grants consumers unprecedented power to fund their ambitions in education, healthcare, and beyond. We’re forging a path to a future where financial barriers are diminished, and aspirations are within reach.”

Kartik Taneja, Head of Payments, at Mashreq said: “We are thrilled to join forces with cashew to unveil a groundbreaking solution that swiftly provides customers access to funding. Elevating customer experience is a big part of our strategy, as we continuously strive to create faster, secure and convenient offerings. By combining our expertise and resources, we are reshaping the landscape of consumer lending, focusing on providing accessible and innovative credit options. This strategic partnership aligns with Mashreq’s vision to empower individuals, allowing them to navigate life’s significant milestones without financial constraints. We are excited to be part of this transformative journey that redefines how credit is accessed and utilized in our region.”

cashew is dedicated to surmounting the unique financial challenges faced by MENA consumers. As the region embraces fintech innovation, cashew’s breakthrough product is set to seize a significant market opportunity. With millions in the Middle East pursuing adaptable and ethical financial solutions, the potential for consumer credit is vast, promising a fertile ground for growth and ingenuity.