Following the national vision which adopts promoting digital transformation and financial inclusion to achieve sustainable development goals, AMAN for Non-bank Financial Services and E-payments, a subsidiary of Raya Holding for Financial investments, has announced, its intentions to raise the capital of its three subsidiaries; AMAN for E-Payments, AMAN for Financial Investments, and AMAN for Microfinance to LE615 million this month, an increase amounting to LE240 million. It comes after the group has increased the number of its customers to over 500,000 clients. This step aims at crowning their business results through developing an innovative package of integrated services and enhancing their position in the market status as key leaders of the financial services sector in Egypt.
Commenting on AMAN’s future vision aimed to strengthen its role in developing non-bank financial services, Mohammed Wahby, CEO of AMAN for E-Payments, has expressed his great pleasure with the achievements of the subsidiaries. “We believe in the importance of consolidating and integration of services we provide for our customers – as individuals and business sector – within the framework of co-operation between the three subsidiaries, especially by services of collection and supply of funds through AMAN for E-Payments and AMAN for Microfinance. AMAN for E-payments also co-operates with AMAN for Financial Services to deploy cash in machines in co-operation with different categories of merchants – not only the typical categories – which enables customers to pay in a lump sum or by installments through AMAN for Financial Services.” He said.
Hazem Maghazy, CEO of AMAN for Financial Services, said: “We are working apace to move forward with AMAN’s journey of success in the Egyptian market. Out of this, our future vision is based on several main axes, such as the injection of credit facilities for installments during 2021 with a value exceeding one billion pounds. It comes after we injected LE500 million in funds by the end of May. Moghazy also noted that the company contracted with 150 merchants to offer installment services and issued cards to 6,000 customers who received credit facilities with a total value of about LE30 million this year.
“AMAN for Financial Services aims to enlarge its installments services portfolio to reach 1.2 billion pounds this year, with an estimated increase of 700 million pounds.” he added.
Ahmed Al-Khateeb, CEO of AMAN for Microfinance, said: “We are fully aware of the importance of our role to develop our community through credit facilities offered for microenterprises. We provided 220,000 customers with our services since we started our business operation in the second half of 2018, at a value of 3 billion pounds, through 94 branches in 18 governorates – with plans to open new six branches this year, bringing the number of its branches to 100 branches all over the country. He also noted that AMAN for Microfinance has signed a co-operation agreement with the National Bank of Egypt, according to which 25,000 Meeza cards were issued to customers. Through these cards, loans can be disbursed. “We seek to bring the total number of cards to 100,000 by the end of 2021, with a view to issue cards for all our customers and minimise cash circulation”.
