Aman in negotiations with 4 banks to provide banking services to its clients

Mohamed Alaa El-Din
2 Min Read

Hazem Maghazi, CEO of Aman for Financial Services, has disclosed that his company is in negotiations with four banks to provide banking services to its clients.

Maghazi also said that the network of stores affiliated to the company has reached 220, covering 23 governorates across Egypt. The company, a subsidiary of Raya Holding for Financial Services, is offering a range of instalment and e-payments services, and is launching a number of new financial services before the end of the year.

Speaking during a press conference on Wednesday, he said that the company’s portfolio amounted to EGP 1.25bn, whilst the total instalment operations that took place so far were EGP 2.25bn.

For his part, Ahmed Al-Khatib, CEO of the Aman for Microfinance, said that although the microfinance market is very large, only about 12% of it has so far been covered.

He revealed that the company now has 94 branches in 17 governorates, and targets an increase in the number of branches to 100 in 19 governorates by the end of the year.

The volume of funding so far for projects has reached EGP 3bn for about 220,000 projects, whilst the company’s active portfolio has so far reached EGP 1.1bn for about 140,000 clients.

It was revealed that the company distributed about 25,000 Meeza cards in favour of the National Bank of Egypt (NBE), which the company aims to increase to 100,000 cards.

Mohamed Wehbe, CEO of Aman Electronic Payment Company, said that the electronic payments (e-payments) market witnessed significant growth during 2020, especially with the emergence of the novel coronavirus (COVID-19) pandemic.

He added that the number of merchants affiliated with the Aman Electronic Payment Company has reached 100,000. The company aims to increase the number of merchants to 150,000 by the end of the year, as about 1.2 million payments are made daily through Aman’s network.

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