NI Capital, the investment arm of the National Investment Bank, Ayady for Investment and Development, and Post for Investments have joined forces to establish Tamweely for Microfinance with an issued capital of EGP 50m and an authorised capital of EGP 500m, according to a press release on Tuesday.
According to the statement, Tamweely for Microfinance offers full-fledged financial products and services backed by technology solutions to channel finance to individuals and micro-enterprises, thus promoting financial inclusion and contributing to job creation in line with Egypt’s Vision 2030.
Tamweely for Microfinance is led by a strong group of renowned board members comprised of shareholder representatives and independent members. Independent board members include Amr Abo El Azm, board member at the SME Development Authority and the International Council for Small Business (ICSB); Moataz El Tabaa, ex chairperson of the Egyptian and the Global Microfinance Network; and Ayman Ismail, founder of the AUC Venture Lab and chairperson of a financial technology company. These members bring extensive experience in the fields of microfinance, banking, social impact, and financial technology to the company.
Ayady for Investment and Development chairperson, Osama Saleh, said, “Tamweely for Microfinance aims to support and finance high potential micro-business prospects with a focus on upper Egypt and delta. Tamweely is a promising addition to Ayady’s investment portfolio aiming to invest in economically viable projects which have developmental impact on job creation, access to finance and financial inclusion.”
NI Capital’s CEO and managing director, Ashraf Ghazaly, said, “Tamweely for Microfinance is an important milestone in our non-banking financial services platform. We are committed to providing and developing finance and capital channels with an aim to support the growth and development of the Egyptian economy.”
Post for Investments’ CEO said, “Post for Investments is one of the most important investment arms of the Egyptian Postal Authority, and we are keen to optimise the usage of our wide spread unique modeling network of geographic distribution post offices in Egypt to bring Tamweely for Microfinance to the largest number of clients and beneficiaries with ease, especially in the Delta region and Upper Egypt.”