Back to the complete issue
Thursday, 1 April 2021

Tamweely is getting closer to a booster

Microfinance player Tamweely could soon secure a EGP 100 mn loan from the European Bank for Reconstruction and Development to boost its microfinance portfolio, Chairman Amr AbouElazm said at a presser yesterday, according to Masrawy. AbouElazm didn’t offer any other details or specify when Tamweely expects to lock down the facility. Tamweely bumped up its loans portfolio 139% y-o-y in 2020, with the number of loan beneficiaries rising to 75k at the end of last year, compared to 55k at the end of 2019, he said.

SEPARATELY- Tamweely is looking to provide micro leasing products to SMEs early 2022, once it receives sign-off from the Financial Regulatory Authority, CEO Ahmed Khorshid tells Al Mal, according to a report in the newspaper’s print edition. Micro leasing entails in-kind loans in the form of working equipment, as opposed to liquidity. Tamweely also plans to introduce nano-finance schemes to customers before year-end, which would cater to low-income earners and provide them with greater access to borrowing, Khorshid added.

Tamweely has also partnered with Banque Misr to provide a set of new e-services to clients including the provision of loans through Meeza cards, Khorshid said.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.