Tamweely Microfinance Continues Strong Performance With 75% Net Profit Growth and Portfolio Surpassing EGP 1.07 Billion

  • Khorche: “TamweelyGeographic expansion and the notable efforts of employees have helped the company grow during difficult times.

Cairo: Tamweely Microfinance reported strong results for its fiscal 2020 ending December 31, 2020. Results were driven by revenue growth as well as customer and branch expansion.

During the press conference, Tamweely Executive Vice President and CEO Mr. Amr Abou El-Azm announced that Tamweely’s net profit increased 75% to EGP 51.5 million in 2020 , compared to EGP 29 million in 2019.

Abu El-Azm added that Tamweely has expanded its reach and served 75,000 clients in 2020, up from 55,000 clients in 2019. He expressed pride that women make up 42% of beneficiaries.

Tamweely’s executive vice president stressed that the company is building on its esteemed risk management strategy to thrive and overcome the implications of COVID-19 on the economy and in particular the microfinance industry.

In addition, he pointed out that Tamweely’s strategy aims to provide cutting-edge financial services, strengthen the economic empowerment of disadvantaged communities, while integrating them into the formal economic sector.

Based on its strategy, the company’s investment value is maximized, benefiting its shareholders and strengthening Tamweely’s central role in the microfinance industry nationwide.

Abu El-Azm added that Tamweely handled the crisis with a swift and agile response, offering incentives to customers and introducing innovative products according to market needs.

He concluded his speech by unveiling Tamweely’s projected plans for 2021. He revealed expansion plans, working on 3 pillars. First, geographic expansion in Upper and Lower Egypt to reach more segments of the community. Second, technological expansion strengthens digital transformation. Third, product expansion, enriching the sector with new credit products, including: Nano Finance & Revolving credit. In addition, Tamweely continues to offer support for micro-projects, in line with the state’s strategy to reduce the burden of MSEs.

Tamweely CEO and Managing Director Ahmed Khorched said the company’s success in 2020 is ensured by its relentless expansion plans throughout the year. Thus, the number of branches rose from 47 branches covering 11 governorates in 2019 to 71 branches in 15 governorates at the end of 2020.

In addition, Tamweely has provided more employment opportunities, growing from 891 employers in 2019 to 1,450 employers in 2020, whose notable efforts have helped the company grow during difficult times.

Khorched thanked Tamweely shareholders for their strong support, in addition to the strong management decisions, leading to reliable performance during the pandemic. Striving to achieve its ambitious projects, Tamweely has financed more than 111,000 clients with a growth of 91% compared to 2019. Women represent 42% of the clientele.

Tamweely’s chief executive said he was delighted with the company’s profitable partnerships in 2020. Tamweely has signed cooperation protocols with several entities, facilitating remote payment, including: National Post Authority, Bee Company & Damen ePayment. In addition, the company has allied itself with the Misr Bank and the Al Qada Foundation. With programs aimed at upgrading employers’ skills and developing technological infrastructure, Tamweely aims to cooperate with international development institutions to acquire new credit facilities and technical support.

It should be mentioned that Tamweely Microfinance is a non-bank financial institution founded in 2018 with issued capital of EGP 75 million. The shareholders of Tamweely are NI Capital Holding for financial investment, Ayady for investment and development and Post for Investments Company.

-Ends-

© Press release 2021

Source link

About Jason Norton

Check Also

Which SWFL companies have received PPP loans – and how many have they obtained?

FORT MYERS, Fla .– It was government money – your money – on loan to …

Leave a Reply

Your email address will not be published. Required fields are marked *