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Tamweely injects EGP 3.6bn of funds to over 141,000 clients - Daily News Egypt

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Tamweely injects EGP 3.6bn of funds to over 141,000 clients

Company plans to expand network to 100 branches by 2021 end

Tamweely Microfinance has injected funds worth EGP 3.6bn to more than 141,000 of its clients.

According to a company statement, about 46% of that amount was directed to women, and 79% to Upper Egypt.

The company has a network of 97 branches in 15 governorates across Upper Egypt and the Nile Delta, and plans to reach 100 branches by the end of this year.

The company reported a remarkable performance in 2020, as it saw growth in terms of the number of clients, financing portfolio, and branches.

More than 73,000 customers benefited from the services provided by the company in 2020, compared to 52,000 in 2019, an increase of 41%.

The company’s portfolio also achieved a growth of 53%, as it recorded EGP 906m in 2020, compared to EGP 593m in 2019. 

Moreover, the company provided 67,000 loans in 2020 compared to 56,000 in 2019, an increase of 18%. The number of branches of the company increased by 51% in 2020.

The growth achieved by the company since its establishment is reflected in the size and rates of its employment capacities. The number of employees currently stands at more than 2,000, with the company boasting a strategy to cover all governorates within the next few years.

Tamweely won the “Fastest Growing Microfinance Company” award by The Global Economics Limited. Meanwhile, Ahmed Khorched, CEO and Managing Director of the company, won the “Most Emerging CEO in Microfinance” award.

Khorched said that the company is constantly striving to enhance its portfolio, by providing more services and diversified products. These are designed to suit the needs of the various small project owners who constitute the company’s customer base. 

All target groups of customers are studied, and financial products and solutions are designed to meet the needs of each category of these customers.

Topics: Tamweely

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