Tanmeyah Microenterprise Services has signed an agreement with Banque Misr to issue prepaid cards powered by the national payment network “Meeza” for Tanmeyah customers.
The agreement comes within the framework of Tanmeyah and Banque Misr’s keenness to digitize payments and contribute to the state’s efforts to transform into a cashless society.
Amro Abouesh, Chairperson and Managing Director of Tanmeyah, stated that the agreement comes in line with the state’s directions to transform into a digital society, by encouraging the use of electronic payment methods and reducing cash transactions, which contributes to achieving the goals of financial inclusion.
He added that Tanmeyah is the first microfinance company in Egypt to obtain a service provider licence from the Central Bank of Egypt (CBE) to cooperate with Banque Misr to issue “Meeza” cards.
Abouesh stressed Tanmeyah’s keenness to develop its digital capabilities to improve the quality of services provided to its customers and to enhance the use of electronic transactions that would simplify procedures for its customers and speed up the services provided to them. Meeza card would help Tanmeyah’s customers who own small and micro enterprises to receive loans and pay their instalments easily.
Akef El-Maghraby, Vice Chairperson of Banque Misr, said that the agreement comes within the framework of the digital transformation of financial institutions, to simplify procedures for obtaining services and improving their quality.
He added that the agreement includes the installation of 250 ATMs within the branches of Tanmeyah, which are spread in more than 25 governorates. In addition, the bank will provide point of sale (POS) devices in all Tanmeyah’s 286 branches nationwide, to reduce cash transactions.
Tanmeyah, established in 2009, is affiliated to EFG-Hermes Group, and is considered a pioneer in the field of microfinance. It has been working in the Egyptian market for more than a decade, during which it provided financing of more than EGP 18bn to nearly 1.5 million customers.
Tanmeyah currently has an estimated 350,000 existing clients, and aims to reach a financing volume of EGP 5.5bn or more by the end of this year.
Meanwhile, Banque Misr currently contributes to 162 projects in various fields.