I-Score, Modefinance Int’l to develop smart MSME grading system for Egypt market
The agreement was signed by I-Score CEO and Managing Director Mohamed Korayem and Modefinance International CEO Mr. Cristian Giacomini in a ceremony in the presence of senior executives from both organizations.
The move aimed to enhance financial inclusion and support Egypt’s growing MSME sector.
I-Score is Egypt’s only licensed private credit bureau and a key player in its financial ecosystem.
It was established in 2005 with the support of the Central Bank of Egypt (CBE) and founded by a consortium of 25 banks and the Micro, Small, and Medium Enterprises Development Agency (MSMEDA). It officially began operations in 2008.
Iscore maintains a comprehensive credit information database covering millions of individual borrowers and small and medium enterprises (SMEs).
These data are vital for banks and financial institutions across Egypt, helping them assess creditworthiness and make informed lending decisions.
The platform enhances risk management and market analysis, including tools that monitor credit profile changes and provide analytical insights for better portfolio management.
Its ongoing commitment to innovation and financial inclusion is critical in supporting Egypt’s growing economy and developing its SME sector.
“This partnership is a game-changer for Egypt’s financial sector. By combining I-Score’s deep local market knowledge with Modefinance’s cutting-edge technology, we are laying the foundation for a transparent and inclusive credit ecosystem that empowers small businesses and aligns with Egypt’s national goals for sustainable growth," said Korayem.
The new MSME grading system will be powered by Tigran, Modefinance’s proprietary AI credit risk assessment platform.
Tigran utilizes artificial intelligence and big data analytics to evaluate the creditworthiness of MSMEs based on financial indicators, managerial strength, and macroeconomic factors.
This system is expected to offer financial institutions more accurate credit ratings and faster decision-making tools, ultimately expanding access to finance for underserved enterprises.
Meanwhile, Giacomini emphasized the strategic importance of the Egyptian market
“Egypt is a cornerstone of our operations in the MENA region, where MSMEs play a critical economic role. Together with iscore, we aim to unlock credit opportunities for local businesses by applying advanced and scalable credit assessment technologies," he stated.
The partnership comes at a crucial time for Egypt’s economy, where MSMEs represented 98 percent of the private sector, employed over 47 million people, and contributed approximately 43 percent to GDP in FY2023/2024.
By integrating AI-powered credit scoring tools, the initiative supports Egypt’s broader efforts to modernize its financial infrastructure and accelerate access to finance for small businesses.
Modefinance, established in 2009 and ranked among the EU's top 10 credit rating agencies by the 2024 ESMA Market Share Report, has significant global experience.
Through its international arm, Modefinance International, founded in 2021, the company is extending its fintech solutions across the Middle East, Africa, and Asia.
Its platforms, including the Tigran Risk Platform and MORE scoring system, are used to evaluate over 300 million companies and over 65,000 banks worldwide.
As part of the agreement, I-Score will integrate these tools into its services, reinforcing its role as a key enabler of smart credit decisions in the Egyptian market. The company also aims to increase awareness of financial technologies and promote responsible lending practices.
The partnership is expected to foster a more inclusive, data-driven financial ecosystem that boosts SME lending and aligns with Egypt’s Vision 2030 goals of economic diversification and private sector empowerment.