Egypt’s Aman aims to expand financial services across Saudi Arabia, Nigeria

By Toka Hatem On Jul 26, 2022

Aman for Financial Services’ chief executive Hazem Moghazy along with executives at Aman speak at a press conference in Cairo on Tuesday (Photo Credit: A screenshot from the press conference video posted by Aman)

Egyptian FinTech firm Aman Group, which is owned by Raya Holdings and the National Bank of Egypt (NBE), announced on Tuesday an expansion plan for its flagship financial services arm, targeting Saudi Arabia and Nigeria markets.

Aman for Financial Services is in talks to provide its installment services for residents in Saudi Arabia before the end of the current year, said its chief executive Hazem Moghazy at a press conference in Cairo.

“The company is also looking to build its footprint in Nigeria right after the completion of its Saudi Arabia market expansion,” Moghazy said.

Aman has witnessed a 100 percent year-on-year growth in its portfolio during the first half of 2022, Moghazy added, saying it almost reached 2 billion Egyptian pounds ($105.5 million) as of the end of June.

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aman Financial Services National Bank of Egypt (NBE)Nigeria Raya Holding Saudi Arabia