Tamweely, a non-banking financial services provider in Egypt, is preparing to launch a new financing business line aimed at serving small and medium-sized enterprises (SMEs). The new line of business, which will be launched in the coming days, will provide funding starting from EGP 220,000 to EGP 7m per ticket.
The new financing line is the latest addition to Tamweely’s range of activities, following significant progress made through microfinance products directed towards clients over the past five years. This progress has resulted in an accumulated portfolio of EGP 10bn, serving over 400,000 clients through 200 branches distributed nationwide.
Ahmed Khorched, CEO and Managing Director of Tamweely indicated that entering this new financing spectrum will enhance the company’s competitiveness in the non-banking financial services market, especially since Tamweely has a micro-leasing license and it also has another financing arm, One Finance, which operates in the consumer finance sector, which indicates the integration and cohesion of the company’s strategic vision and its expansion plans in the future.
He further explained that Tamweely has fulfilled all the requirements related to the new line of business, including the appointment of a dedicated Executive Managing Director responsible for this line of business. This person is Marwa Nabil, who has extensive experience in various areas of finance and banking services. Tamweely has also conducted extensive market studies prior to launching this new line of business, resulting in an ambitious operational plan and vision that identifies the targeted customers, geographical areas, and expansion plans for this activity.
Marwa Nabil, the Executive Managing Director of Tamweely’s SMEs, said the new line of business provides funding starting from more than EGP 220,000 to EGP 7m per ticket as an initial stage, targeting a new segment of small and medium business customers with annual revenues between EGP 1m and EGP 200m in various fields according to the definition of the Central Bank of Egypt and the Financial Regulatory Authority.
Marwa highlighted that the SMEs have great potential for success in the Egyptian market, as the currently provided financing does not fully cover the needs of companies operating in this sector, which presents a significant role for non-banking financial institutions, in line with the state’s plan to support these companies. This is particularly crucial considering the increasing financing needs in some important production sectors, in an attempt to replace and reduce importation.
