Tanmeyah for microfinance services, subsidiary with the EFG Hermes, signed a cooperation agreement with Masary and Bee companies in the field of electronic payment, with the aim of facilitating the electronic collection process for Tanmeyah customers.
Under the cooperation, Masary and Bee will handle the electronic collection operations for Tanmeyah customers, whereby customers will be able to pay all their payments and instalments throughout the week without being bound by the timings of the branches through the various points of sale of Masary and Bee distributed across all governorates.
Hossam Al-Naggar, CEO and Managing Director of Tanmeyah, said that the cooperation with Masary and Bee companies is due to the strong successes they have achieved in the Egyptian market by providing smart technological solutions that go in line with Tanmeyah expansion strategy, which focuses on facilitating its broad customer base, which exceeded the barrier of 400,000 existing customers in 25 governorates through more than 300 branches with an existing portfolio size of more than EGP 4bn by the end of the second quarter of 2022.
Karim Shehata, CEO of Ebtikar, which owns Masary and Bee, said that the cooperation serves the two companies’ goals to advance in the Egyptian market to new and advanced stages in the field of electronic payment, in light of the competitiveness in the Egyptian market.
Shehata explained that the field of electronic payment has witnessed a great movement recently, and that; in light of the central bank’s tendency to activate the wheel of electronic payment and reduce dependence on paper money and digital transformation strategies.
Muzaffar Kamilov, Chairperson of Bee, also praised the joint cooperation with Tanmeyah, adding that the partnership is one of the important and strategic steps to keep pace with the development in the field of electronic payment and achieve the system of financial inclusion.
Kamilov added that Bee is in the process of expanding the services provided to customers and increasing the number of points of sale nationwide.
Mohamed El-Amawy, Director of the Commercial Sector of Masary, said that the company’s share is constantly increasing in the Egyptian payments market, and that the company’s commercial sector is targeting greater expansion plans for the package of services provided by Masary in terms of number and diversity, in addition to increasing its points of sale to reach 150,000 point of sale by the end of 2023, to provide and facilitate different payment methods for the consumer.
He added that Egyptian society depends on the cash transaction, which is one of the challenges facing us, and in turn we are making all efforts to raise the level of awareness among citizens to facilitate the success of the electronic payment system.
Abdul Rahman Habib, Director of Business Development Sector for Masary, explained that the number of services provided by the company at the present time exceeded the barrier of 500 services, and the number of daily transactions exceeded 2 million transactions from various services, such as government services, school and university expenses, instalments, loans, and donations, in addition to electricity and gas bills, by providing more than 110,000 points of sale that are currently located in grocery stores, pharmacies and all distribution outlets throughout the country.