AMAN Group Announces Business Magnitude and Future Plans for Current Fiscal Year to Further Boost Financial Inclusion and Non-Banking Sector

• Moghazy: we have recently invested EGP 240 million to raise our capital reaching a total capital of EGP 615 million reinforcing our local market penetration to achieve a better customer reach.. We established ‘AMAN Securitization’, with plan to securitize EGP 500 million during the upcoming 3 months.. Consumer finance portfolio reaches EGP 2 billion to receive more customers and support AMAN vision towards financial inclusion in line with Egypt Vision 2030
• Wahby: AMAN provides over 2000 payment services through one of the largest expansive merchant networks in Egypt with over 150k POS supporting 2 million transactions daily to be the heralded as the fastest and most inclusive in the market.. We aim to continue expanding in payment acceptance to accelerate the implementation of cashless economy and digitalization.
• Al-Khatib: We aim, this year, to provide microfinance worth over EGP 3.2 billion besides EGP 500 million for SMEs; as we have financed over 70k clients with EGP 1.5 billion.

AMAN Group announces its prominent business magnitude and future plans for the non-banking sector during the current fiscal year, where it plans to launch new financial products and develop the way existing ones are introduced with the aim of improving user-experience and bolstering the unbanked. AMAN Group also announced a fourth subsidiary to join the other three this year and further boost their integration named: ‘AMAN Securitization’, reinforcing Egypt ‘Vision 2030’ towards financial inclusion and digital transformation.

During a press conference AMAN Group held on Tuesday, the Group announced the expansion in two new financial sectors: nano-finance, with a EGP 3k credit limit to support marginalized communities; and Islamic finance, which acquires a great customer share locally. This step is driven by AMAN’s commitment towards addressing customer needs from all segments and the gap in providing financial services in general, especially for the hard-to-reach segments that banks do not usually address. Moreover, this unwavering commitment is an essential part of AMAN’s strategy to achieve financial inclusion by making financial services available for everyone.

Hazem Moghazy, CEO of AMAN Financial Services, stated: “AMAN Group is committed to provide an inclusive platform for all financial services––from e-payment and financing to savings for all customer segments. Likewise, we are consistently developing and investing in our services to support financial inclusion and the non-banking sector, where we aim in the upcoming stage to raise awareness towards the integrated services supported by AMAN subsidiaries by launching extensive brand awareness campaigns. In addition, we have recently invested EGP 240 million to raise our capital reaching a total capital of EGP 615 million reinforcing our local market penetration to achieve a better customer reach. We are also expanding our business by establishing ‘AMAN Securitization’, where we plan to securitize EGP 500 million during the upcoming 3 months.”

“AMAN Financial Services is keen on diversifying its financial solutions aspiring to become the number one destination for all customers, especially the unbanked. Hence, AMAN’s facilitated consumer finance is customized to suit different payment capacities in the current economic situation provided in most demanded sectors i.e Electronics, Cars and Furniture. Moreover, we have recently raised our consumer finance portfolio to EGP 2 billion in order to receive more customers and support AMAN Group vision towards financial inclusion in line with Egypt Vision 2030.” Moghazy added.

Mohamed Wahby, CEO of AMAN E-Payment, elaborated the magnitude of AMAN’s business saying: “AMAN E-Payment contributes to implementing the Group’s core values utilizing the latest technologies in the field of fintech, which is the backbone of AMAN’s integration. As for transactions and payment acceptance, we provide over 2000 payment services through one of the largest extensive merchant networks in Egypt with over 150k POS supporting 2 million transactions daily. Alternatively, our e-payment services along with the services of AMAN’s other companies like financial services, microfinance and savings are all available through AMAN’s leading Super-App. For future plans, we aim to continue expanding in payment acceptance to accelerate the implementation of cashless economy and digitalization.”

In the same context, Ahmed Al-Khatib, CEO of the AMAN for Microfinance, said: “Aman Microfinance steadily props up SMEs to succeed and sustain their business during crises and the rapid changes of business world. Therefore, we aim this year to provide microfinance worth over EGP 3.2 billion besides EGP 500 million for SMEs; as we have financed over 70k clients with EGP 1.5 billion. Additionally, Throughout the years, the current portfolio has reached EGP 1.6 billion serving over 135k clients. On the other hand, we have launched AMAN Money Market Fund with a daily ROI for consumers and enterprises, aligning with the Group’s strategy which focuses mainly on expanding business practices serving financial inclusion and fintech in the non-banking sector.”

It is noteworthy that AMAN Group comprises three companies “AMAN Financial Services”, “AMAN Microfinance” and “AMAN E-Payments”. Additionally, the Group is among the pioneers in Egypt adopting the State’s vision to bolster digital transformation and financial inclusion. AMAN Group has also provided an all-inclusive Egyptian model, utilizing the untapped promising opportunities in the emerging fields of non-banking financial technology. As for operations, the Group provides over 2000 financial services and over 2 million transactions take place daily through its network with affordable prices and exceptional service empowering the unbanked to be self-sufficient financially.

Moreover, each of these companies, in a remarkable short period, has been able to become a leader in its field leading the non-banking financial sectors while providing many innovative services and products.