Egypt’s Tamweely hails FRA for supporting microfinance amid coronavirus
Egypt’s Tamweely Microfinance said it has successfully implemented the Financial Regulatory Authority’s (FRA) guidelines to ease the burden off 3 million microfinance clients in Egypt amid to the coronavirus outbreak, Ahram Online reported on Monday.
The leading microfinance company said it has taken operational strategies to a whole new level through emerging with the microfinance sector, sustaining its clientele while promoting their businesses.
Chairman and CEO of Tamweely Amr Abou El-Azm stated that the well-judged solutions provided by the FRA have come with remarkable payment facilitation for committed clients.
Abou El-Azm asserted that the FRA strongly believes in the vital role played by the microfinance sector in Egypt and its notable contribution to achieving economic and social development.
He said Tamweely has postponed March dues without levying any extra charges, exempted its clients from delay fines for March and April instalments and reducing the fees of new financing requests for all products.
These measures are to be applied at all Tamweely branches, he said.
Abou El-Azm said the FRA’s regulations have been issued at the perfect time to support microfinance clients in Egypt, calling for state entities to join forces and integrate to overcome such hard times, emphasising that the microfinance stakeholders in Egypt are an exemplary model in supporting the entire sector while ensuring its sustainability.
He added that Tamweely’s board has meticulously drafted plans and alternative solutions for prompt application in case any of its clients’ activities are affected to preserve their interests and safeguard market stability.
CEO and Managing Director of Tamweely Ahmed Khorched said that the company, with its 61 branches covering 11 governorates, is playing a leading role in the microfinance sector in Egypt.
He pointed out that Tamweely is proceeding with funding requests, expanding shortly with its array of payment solutions to encompass Egypt’s post offices, Masary and Bee.
Khorched hailed for the sincere endeavours paid by the Egyptian Microfinance Federation (EMFF) and the FRA in subsidising the market, stating that such endeavours shall guarantee the sustainability of microfinance business in Egypt and help it thrive and prosper in the near future.
He noted that facilitations provided by micro-financiers reflect a considerable part of their corporate social responsibility.
Inaugurated in August 2018, Tamweely Microfinance has a capital of 75 million pounds.
It bloomed through a consortium of three mega players; NI Capital, AYADY for Investment and Development together with Post for Investments (PFI), the investment arm of Egypt Post.
