Tamweely, MerQ launch the first microfinance chatbot

Egypt’s Tamweely Microfinance has recently partnered with MerQ Artificial Intelligence and launched the first microfinance Chatbot, a virtual assistant that helps clients transact and resolve all their inquiries by having conversation with them.

This new technology is a move towards Tamweely’s digital transformation.

“In the light of reports positioning Egypt in the 9th place for the Contribution of AI to GDP by 2030, Tamweely took upon itself paving the way for AI inclusion in Egypt’s Microfinance Sector.” Amr Abou El-Azm, chairman and ceo of Tamweely, said.

“Tamweely chatbot “Fahim”, comprehends human communications and this will definitely enhance its clients experience. It is available 24/7 and works through Tamweely’s social media platforms. It is reliable and accurate in terms of providing information and effective in dealing with routine and frequently asked questions.”

“Furthermore, clients can communicate with Tamweely chatbot using text messaging or voice command.” Abou El-Azm added.

The chatbot provides clients with information related to its financial services and products offered by the company in addition to branches locations using attractive visuals. Through the chatbot, users can apply for loans and job vacancies and start the application process.

Ahmed Khorched – CEO of Tamweely Microfinance – said: “At Tamweely, we strongly believe in the necessity of developing e-services, especially post coronavirus outbreak. Our latest leap is launching an AI-enabled chatbot to allow more accessible services for current and potential clients, while reinforcing the precautionary measures.”

“Tamweely’s virtual financial assistant is developed by MerQ, a leading company in developing chatbots for financial sector, adopting the latest innovative solutions.”

“Launching Tamweely’s personalised chatbot complements our endeavours to promote well thought financial decisions. We thrive with the government strategy and Financial Regulatory Authority’s (FRA) plans towards financial inclusion and digital transformation.

“In addition, Tamweely strives to satisfy its clients’ needs, where 56% prefer texting more than calling.”

Khorched added that Tamweely has an extensive digital transformation plan, including: e-payment and e-loans.

Meanwhile, Waleed Ghalwash – MerQ’s founder – said: “Proud to have contracted with a pioneering institution such as Tamweely to develop the services provided to this vital sector. I anticipate that customers will be able to enjoy a smoother and smarter self-use experience as a result.”

Founded in 2017, Tamweely is a non-banking financial institution registered under the Egyptian Financial Regulatory Authority (FRA). It has begun its operations in 2018 to empower young entrepreneurs, women, and craftsmen through financing their micro and very small enterprises.

With an issued capital of 75 million Egyptian pounds, Tamweely Microfinance is focusing on financing three core sectors: the industrial, commercial, and service sector, with the traditional and innovative financial solutions.

Tamweely’s shareholders are NI Capital Holding for Financial Investment, Ayady for Investment and Development, and Post for Investments Company.