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Raya restructures Aman Group for non-banking financial services - Daily News Egypt

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Raya restructures Aman Group for non-banking financial services

Group's paid-up capital reached EGP 375m, including Aman Electronic Payment, Microfinance, Financial Services

Raya Holding Company for Financial Investments has announced the completion of the procedures for restructuring the non-banking financial services sector in the group, under one integrated wholly-owned subsidiary, Aman Holding Non-Banking Financial Services, with a paid-up capital of EGP 375m, after obtaining all the regulatory and government approvals required to complete the restructuring and transfer of shares.

According to a Raya statement, Aman Holding Non-Banking Financial Services currently includes 3 subsidiaries, namely Aman Electronic Payment Services, Aman Microfinance, and Aman Financial services.

Raya, the parent company, currently holds 148.5 million shares in Aman Electronic Payment Services, which represents 99% of its total shares, in addition to 12.127 million shares in Aman Financial Services, which represents 99% of its total shares, and 7.450 million shares in Aman Microfinance, which represents 74.5% of its total shares.

According to Medhat Khalil, Chairperson and Managing Director of Raya Holding for Financial Investments, the restructuring of Aman Holding contributes to enhancing financial inclusion through reaching various and diverse segments of citizens.

Aman Electronic Payments was established in 2016 with the aim of establishing a cashless society in Egypt, allowing financial inclusion for all Egyptian citizens, by facilitating safe and comfortable electronic payment transactions at more than 55,000 points of sale in all governorates.

The company provides more than 250 different services, including paying mobile bills, utility bills of all kinds and balance recharge services.

As for Aman Financial Services, it was established in 2017 to provide installment services through various installment programmes, through more than 250 branches of the company throughout the republic.

The company provides retail and consumer financing services for many consumer products, including electronic devices, home appliances, passenger cars of all kinds, and home furniture.

Aman Microfinance was established in 2018, to provide appropriate and diversified financial solutions for companies, institutions and micro-entrepreneurs, who have limited ability to obtain financing for micro-projects, supported by integrated solutions for advanced technology to make microfinance operations easier, faster and more beneficial to the customer. The company currently has more than 55 branches, and an active customer base of more than 50,000 customers across Egypt.

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