The National Bank of Egypt’s (NBE) microfinance and electronic payment arm, Al Ahly Tamkeen, has started to provide its services at certain branches in Upper Egypt.
Dalia Al-Baz, Vice-Chairperson NBE and Chairperson of Tamkeen, said the company aims to achieve the the state and the Central Bank of Egypt’s (CBE) strategy in supporting financial inclusion.
This would entail taking advantage of the technical capabilities and the strong technological infrastructure owned by the NBE, and developing it with huge investments to achieve its strategy.
Tamkeen has acquired a controlling share at e-payments firm Momken to become Al Ahly Momken.
The platform also established the Al Ahly Tamkeen Microfinance Company, to serve micro-enterprises of various types, seeking to expand the beneficiary customer base.
Al-Baz indicated that the Al Ahly Tamkeen Microfinance was keen to start providing its services as a first stage through eight branches in Upper Egypt governorates. This is due to the region not being covered sufficiently, and in order to provide the services needed by the people of that region.
She said that, during the next three years, the platform plans to acquire a number of companies operating in the field of financial technology (fintech) and non-banking services. This is with a view to integrate them into the current platform to provide the largest number of services to its customers.
This is also part of the company’s seeking to make the platform one of the largest companies operating in non-banking financial services affiliated to the NBE.
Karim Saadeh, CEO of Al Ahly Capital and Chairperson of Al Ahly Tamkeen Microfinance, said that the company’s branches have been equipped with the latest technological methods and the best trained staff.
This is to ensure that they can provide solutions to enable individuals and companies to obtain financial services in the shortest, easiest way, and in the fastest time.
He emphasised that the company’s work teams carefully study the customers’ needs in order to be able to provide the funds appropriate to the nature of each activity, in order to achieve maximum benefit from the financing.
This is reflected in the success of the project, which achieves the company’s objectives in supporting the national economy. It in turn also leads to achieving the required growth rates through expanding direct and indirect job opportunities for all segments of society, which is one of the development targets that the state seeks.
Moreover, Magdy Moussa, Managing Director of Al Ahly Tamkeen Microfinance, said that the first branches of the company are being opened in the governorates of Beni Suef, Sohag, Minya, Assiut, Qena, Luxor, and Aswan.
It is planned for 50 branches to be opened by the end of the current year, and 150 within three years, so that the company can reach out to more than 300,000 customers.
This comes as part of efforts to finance customers in various service and production sectors that would provide the needs of local communities.