Aman Holding announces strong 2023 financial results, plans to launch sukuk company

Hossam Mounir
5 Min Read

Aman Holding, Egypt’s leading fintech group, has announced its strong 2023 financial results, demonstrating impressive growth across its diverse portfolio. The announcement was made at a press conference attended by CEOs and senior company officials, confirming Aman Holding’s position as a key player in the financial sector.

Aman Holding’s 2023 financial statements show remarkable figures, with annual revenues exceeding EGP 4.6bn and a capital of EGP 1.065bn. The company’s credit facilities also increased to EGP 9bn, supported by the issuance of three bond securitizations worth EGP 2.5bn throughout the year. These results highlight the effectiveness of Aman Holding’s strategy in promoting growth and innovation in non-bank financial solutions and electronic payments.

Hazem Moghazy, CEO of Business and Commercial Aman Holding, expressed his satisfaction with the company’s performance during the past year, describing it as a period of significant growth in all aspects. He stressed Aman Holding’s constant commitment to innovation and customer-oriented solutions.

Moghazy revealed that AMAN’s microfinance operations grew by 35% in 2023, with total financing reaching EGP 4.9bn through 200 branches, 40 of which were newly established during the year. This was achieved by the company forming several strategic partnerships with prominent financial institutions such as the Social Fund, Misr Insurance Company, Agricultural Bank of Egypt, Al Baraka Bank, QNB Alahli, and EG Bank to expand its services. Moreover, Islamic finance completed over 1,700 successful transactions worth more than EGP 60m through its 7 branches.

Moghazy also emphasized the remarkable growth of Aman Holding’s consumer finance division, stating: “We are proud to announce a total issuance of EGP 4bn, reflecting a 38% increase in our customer base, which now totals 229 branches nationwide.” He highlighted the company’s commitment to providing diverse instalment products, noting, “We are excited to announce our recent partnerships with over 500 merchants and brands, including Jumia, ElAraby, and Cairo Sales, as part of our commitment to expanding our offerings. Additionally, we are proud to activate ‘e-wallets’ for prominent partners such as Etisalat and CIB within our branches, supporting financial inclusion and Egypt’s Vision 2030 for a cashless economy.”

Mohamed Wahby, CEO – Products & Technology Aman Holding, emphasized the company’s commitment to sustainable digital infrastructure development. “We aim to attract more merchants and consumers who mainly rely on cash for their daily transactions, encouraging them to adopt the concept of a cashless economy in line with the country’s vision,” stated Wahby.

“Aman’s remarkable 32% growth in electronic payments, surpassing EGP 41bn in transactions and completing 550 million transactions, underscores our unwavering dedication to delivering cutting-edge financial technology services and ensuring a seamless, secure user experience,” declared Wahby, highlighting the company’s commitment to excellence. “Furthermore, our financing of over 2,000 electronic payment merchants through nano finance demonstrates our relentless pursuit of integration and synergy across our operations.”

Wahby also added that one of Aman’s key achievements is the Aman SuperApp, a comprehensive digital platform integrating the company’s products & services. It includes electronic payments, instalment services, e-commerce, credit limit application, and financing. The app has attracted over 1.8 million downloads, marking a 180% increase in operations and surpassing EGP 0.5bn in transaction value, a 250% increase from the previous year.

Looking ahead to 2024, Aman Holding is committed to expanding its market share in Egypt and introducing new products and services. The company plans to establish AMAN Sukuk Company to drive financial inclusion and growth. Progress is expected, particularly with the acquisition of a digital bank license. Aman Holding also aims to enter new markets like the ongoing process of acquiring Saudi Arabia’s operation licence. These efforts underscore Aman Holding’s strategic focus on growth and innovation.

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