After receiving the final license in July 2018, “Tamweely” for microfinance started their operations in the Egyptian market with a capital of 50 million EGP. The official launch of “Tamweely” is considered a strong addition to the micro-financing field in Egypt. The company aims to provide the market with innovative financing solutions using the latest and most efficient fintech tools.
Tamweely’s aim is to assist significantly in developing the national economy, and to increase the levels of financial inclusion.
Tamweely targets to support the social segments that require financing the most among the Egyptian society, such as women and youth. Incorporating their activities in the economy would result in financial inclusion and sustainable development as part of the Egypt’s 2030 vision. The company’s strategy considers the industrial and manufacturing projects as pivots for economic progress. Tamweely focuses on assisting these projects through microfinance and micro-insurance.
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Amr Abou El Azm, Chairman of Tamweely, said "The license is the starting point for Tamweely to strongly operate in the Egyptian market, providing an array of innovative microfinance and microinsurance options. Our aim is to support our customers businesses to enter the spinning wheel of economic growth, resulting in financial inclusion. We have received approvals from 5 banks with an amount of EGP 200 mln to fund our portfolio for 2018. The funds are to be utilized to lend very small enterprises & microenterprises”.
Ahmed Khorched, Chief Executive Officer of Tamweely, confirmed; "Our strategy intends to cover the financing needs of very small enterprises & micro-enterprises across the country, focusing on Upper Egypt and Delta. We are set out to execute an ambitious plan for extensive geographical reach by using cutting edge fintech solutions. We have already established 5 branches out of 13 branches planned to operate in 2018 located selectively in Upper and Lower Egypt. This is part of our 3-years multi-staged plan to open 60 branches. We are also currently arranging a liaison with Egypt Post to utilize their extensive branches network to facilitate the reach to our target segments & cover the needs of micro-entrepreneurs”
He elaborated that the financing solutions will be highly efficient, where the lending will be practical & swift, conforming with the nature and needs of the microenterprises sector. That is in addition to applying automated movable collaterals register to ensure the safety of the enterprises capital and transfers. Tamweely's plan is to reach a credit portfolio of EGP 1.4 billion within the next three years.
Tamweely Microfinance Company was established by a consortium of three companies, namely NI Capital, Ayady for Investment and Development and the Egyptian Post Investment Company with an issued capital of 50 million pounds and an authorized capital of 500 million pounds.
