Tamweely adopts FRA-outlined measures to protect microfinance customers from COVID-19 fallout

Daily News Egypt
2 Min Read

Tamweely Microfinance has activated a measures package outlined by the Financial Regulatory Authority (FRA) to support microfinance clients, estimated at 3 million, especially those affected with the economic slowdown due to the coronavirus (Covid-19) pandemic.

Amr Aboul Azm, Chairperson and Managing Director at Tamweely Microfinance, said the FRA’s solutions, put forward to support committed customers, reflects the importance of this vital sector in Egypt. It also reflects the company’s ability to contribute to economic and social growth, reducing poverty rates and increasing incomes.

He explained that the company has started postponing instalments due in March without any cost to the customer, whilst also reducing the fees for new financing requests on all products. Customers will also be given exemptions from delay fines for March and April.

Ahmed Khorshid, Tamweely Microfinance CEO and Managing Director, said the company has 61 branches across 11 governorates that continue to receive funding applications, which can also be submitted at Egypt Post offices. He added that the company has signed partnerships for e-payment solutions with Masary and Bee.

Khorshid said the efforts of the Egyptian Federation for Microfinance came in support of the market system, with the FRA’s decisions supporting sustainability of the microfinance market’s activity and its growth  in the next stage. This indicates that the facilities that are made to clients of this sector reflect a part of the social responsibility of the microfinance companies.

Tamweely Microfinance started activity in August 2018 with capital of EGP 75m financed by NI Capital, Ayady for Investment and Development, and Post for investments.

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