Tanmeyah Joins Forces with MSMEDA to Empower Approximately 10،000 Micro-Enterprises in Agreement Valued at 200 Million
تاريخ النشر: 10th, March 2024 GMT
Tanmeyah، is a subsidiary of EFG Holding and a leading provider of financial services in Egypt with a concerted focus on the micro and small enterprise segments، announced today a collaborative agreement with the Egypt’s Micro، Small، and Medium Enterprise Development Agency (MSMEDA) for the formalization of a strategic contractual agreement valued at EGP 200 million.
The agreement، signed by Mrs. Nevine Badr El Din، Director Micro Finance Central Sector MSMEDA، and Tanmeyah's CEO &MD، Jinu Johnson marks the commencement of a powerful partnership poised to empower approximately 10،000 micro-enterprises in expanding their operations. Under this program، each loan can reach a maximum of EGP 220،000. Tanmeyah's extensive operations currently cover 25 governorates in Egypt.
The primary objective of this collaboration is to support various types of small businesses، including production، sales، services، crafts، and traditional activities، across diverse villages and districts. A special emphasis will be placed on aiding communities in Upper Egypt and the Delta region، with the goal of enhancing their quality of life.
CEO of MSMEDA، Bassel Rahmy، said، “This agreement comes within the context of MSMEDA's participation in the implementation of the government’s plans to upgrade the micro-enterprise sector. The first contract is dedicated to motivating informal micro-enterprises to shift into the formal sector and capitalize on privileges granted by Law 152/2020. This way، they will be better suited to increase their turnover and consequently upgrade into small and then medium businesses.”
“The second contract would target young men and women، particularly women heading households، to help them establish start-ups or expand in existing micro businesses and contribute to satisfying the different needs of local markets. Both contracts would provide finance to around four thousand beneficiaries and improve the competitive edge of micro businesses nationwide،” added Rahmy.
Aladdin ElAfifi، CEO of EFG Finance، an EFG Holding company، commented، “This collaboration between Tanmeyah and MSMEDA underscores the pivotal role of strategic partnerships in driving inclusive economic growth. Through this partnership، we aim to empower micro-enterprises by providing not just financial assistance but also the necessary support and resources to thrive. Together، we believe in the transformative power of entrepreneurship to drive socioeconomic development and create lasting impact in communities across Egypt.”
Jinu Johnson، CEO & MD of Tanmeyah، expressed enthusiasm for the impact of this collaboration، stating، “We are thrilled to embark on this journey with MSMEDA، aligning our shared commitment to fostering economic growth and financial inclusion in Egypt. This partnership signifies our dedication to empowering micro-enterprises، especially in underserved regions. Through strategic financing، we aim to unlock the potential of entrepreneurs، creating a ripple effect that positively influences communities and contributes to the broader socio-economic development of the nation.”
This collaboration between MSMEDA and Tanmeyah marks a significant step forward in the realization of the government's vision for financial inclusion. Tanmeyah is dedicated to its core mission of providing financial services to those traditionally excluded from mainstream banking، with this focus extending beyond small businesses to include individuals with lower incomes، particularly women and youth.
Launched in 2009، Tanmeyah has grown to become Egypt’s premier financial services provider for small and microfinance enterprises، providing access to critical capital that can transform lives، build businesses، and drive socioeconomic change. With the widest branch network in the country، deep industry knowledge، and community ties، Tanmeyah has improved lives and built millions of businesses across the country. Tanmeyah has issued over two million financing facilities of various types and sizes. It currently serves nearly 30،000 new clients per month through its network of over 305 branches and approx. 5،000 employees in 25 governorates.
المصدر: بوابة الفجر
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Bank NXT Joins Forces with Red Hat to Boost Operational Efficiency and Customer Experience
Cairo، January 29، 2025
Bank NXT، a leading provider of integrated retail and corporate banking solutions in Egypt، announced today a collaboration with Red Hat، the world’s leading provider of open-source solutions، to modernize its digital banking infrastructure. The collaboration focuses on leveraging Red Hat’s hybrid cloud solutions to enhance operational efficiency، deliver superior customer experiences، and strengthen security measures.
As part of this initiative، Bank NXT worked with Red Hat to integrate Temenos and Mindgate’s digital solutions with Red Hat’s hybrid cloud platform. This integration has enabled the bank to modernize its infrastructure، optimize operations، and deliver enhanced services to its customers.
Built on Red Hat’s Enterprise Linux and OpenShift Platform Plus، Bank NXT has streamlined operations، cutting deployment times for new digital services by 40% and doubling the frequency of updates and feature releases. This agility enables the bank to rapidly introduce innovative features، adapt to market changes، and maintain a competitive edge. Additionally، by using Red Hat’s Ansible Automation Platform، Bank NXT has improved operational efficiency by 30% and reduced incident resolution times by 20%. Red Hat’s Advanced Cluster Security adds an extra layer of protection، ensuring the security of sensitive customer information.
Hesham Daabes، Senior Group Head for Support at Bank NXT، commented، “We are excited to partner with Red Hat to accelerate our digital transformation journey. Their innovative solutions have greatly enhanced our operational efficiency، reducing deployment times، increasing agility، and enabling us to deliver digital banking services to our customers faster than ever before. This collaboration has not only streamlined our operations and strengthened security but also elevated our service offerings، laying the foundation for continued innovation and growth in the future.”
Adrian Pickering، Regional General Manager، MENA at Red Hat، added، “Bank NXT is on a mission to adapt to the evolving needs of its diverse clients and customers، embarking on a transformative journey to provide accessible financial solutions in Egypt. We are proud to be helping Bank NXT speed up its development lifecycle to release new features and updates using Red Hat’s hybrid cloud technologies and look forward to supporting its approach to providing quick، distinctive services to its customers.”
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About Bank NXT
Bank NXT (formerly known as aiBANK) was established in 1974 as an investment and business bank and commenced its activities under the supervision of the Central Bank of Egypt in 1978 with a capital base of USD 40 million، which was later increased to EGP 1،987 million in 2020. Moreover، as per the decisions of the general assembly held on the 10th of October in 2021، and after the completion of the Bank’s acquisition deal، the Bank received approval to increase its paid-up capital to EGP 5،000،000،003 and adjusted its ownership structure accordingly to accommodate both new and existing investors، as per the following:
EFG Holding S.A.E – (51%)Egypt’s Financial Services and Digital Transformation Sub-Fund – (25%)National Investment Bank – (24%)The Bank offers banking services for individuals through its wide spectrum of retail banking products in addition to its corporate banking services for businesses and institutions through providing loan syndication services to companies and institutions looking to finance large national projects that support the economy and the Bank. The Bank is keen on supporting the growth of small and medium enterprises، which play a crucial role in Egypt's overall economic and social development، as well as، providing investment and treasury services.
The Bank offers its services to its customers through its 34 branches nationwide. It is constantly working on expanding its geographical presence by opening new branches، with two new branches set to open this month. In addition، the bank is expanding its ATM network to ensure that it covers all key locations. The Bank is also committed to satisfying its customers by providing unique and competitive services and investing in its tech systems and human capital to improve the overall level of its banking services.
For further information، please contact:
Reham Abbas
Head of Public Relations and Corporate Communications of Bank NXT
[email protected]
About EFG Holding
EFG Holding (EGX: HRHO.CA – LSE: EFGD) is a leading financial institution that boasts a remarkable 40-year legacy of success in eight countries spanning two continents. Operating within three distinct verticals — the Investment Bank (EFG Hermes)، Non-Bank Financial Institutions (NBFI) (EFG Finance)، and Commercial Bank (Bank NXT) — the company provides a comprehensive range of groundbreaking financial products and services tailored to meet the needs of a diverse clientele، including individual clients and businesses of all sizes.
EFG Hermes، the leading investment bank in the Middle East and North Africa (MENA)، offers an extensive array of financial services، encompassing advisory، asset management، securities brokerage، research، and private equity. In its domestic market، EFG Holding serves as a universal bank، with EFG Finance emerging as the fastest-growing NBFI platform، comprising Tanmeyah، a microfinance player، EFG Corp-Solutions، which provides leasing and factoring services، Valu، a universal financial technology powerhouse، PayTabs Egypt، a digital payment platform، Bedaya for mortgage finance، Kaf for insurance، Fatura، a technology-backed B2B marketplace and EFG Finance SMEs، which provides financial services for small and medium enterprises. Furthermore، the company delivers commercial banking solutions through Bank NXT، a leading provider of integrated retail and corporate banking products in Egypt.
Proudly present in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Bahrain | Pakistan | Kenya | Nigeria |
Learn more about us at www.efghldg.com
For further information، please contact:
May El Gammal
Group Chief Marketing & Communications Officer of EFG Holding
[email protected]
Omar Salama
Senior Communications Manager of EFG Holding
[email protected]
The EFG Holding Public Relations Team
[email protected]
Note on Forward-Looking Statements
In this press release، EFG Holding may make forward-looking statements، including، for example، statements about management’s expectations، strategic objectives، growth opportunities، and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Holding’s belief regarding future events، many of which، by their nature، are inherently uncertain and are beyond management’s control and include، among others، financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current، pending، and future legislation، regulations and regulatory actions. Accordingly، the readers are cautioned not to place undue reliance on forward-looking statements، which speak only as of the date on which they are made.
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