Tamweely Microfinance Launches new business line to Serve Small and Medium-sized Enterprises

Marwa Nabil: We aim to support small and Medium-sized Enterprises in various segments.

Cairo, 1 August 2023 – Tamweely is preparing to launch a new financing business line aimed at serving small and medium-sized enterprises (SMEs) in the coming days after obtaining a license no 5/2023 from the Egyptian Financial Authority to finance these Enterprises.

According to Ahmed Khorched, CEO and Managing Director of Tamweely, the new financing business line completes the company’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 10 billion, serving over 400,000 clients through 200 branches distributed nationwide.

Khorched 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 is operating 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 7 million per ticket as an initial stage, targeting a new segment of small and medium business customers with annual revenues between 1 million and 200 million Egyptian pounds in various fields according to the definition of the Central Bank of Egypt and the Financial Regulatory Authority. In addition to meeting the needs of a wide range of the clients who benefited from microfinance in previous years after their projects grew and need larger funding to continue growing as partners in the company’s success.

Marwa highlighted that the SMEs has great potential for success in the Egyptian market, as the current 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.

Ms. Marwa Nabil has extensive experience in the banking sector, spanning over 22 years, having held many positions in local and regional financial institutions, including HSBC, National Bank of Egypt, Abu Dhabi Islamic Bank, Barclays and Attijariwafa Egypt.

Her last position before joining Tamweely team was as the Head of Corporate and Structured Finance, as well as a member of the Executive Committee at Attijariwafa Egypt Bank. She holds several specialized certificates, including a certified board member certificate from the Financial Regulatory Authority and a certificate in finance and treasury from one of the leading international institutes.

It is worth mentioning that Tamweely for Microfinance is a non-banking financial institution established in 2017 with a capital of EGP 75 million. It is licensed to provide microfinance number (6), besides a license to engage in micro-leasing finance, registered with the Financial Regulatory Authority under No. (305 for 2023). Three shareholders form its capital alliance including NI Capital (30%), Ayady for Investment & Development (40%), and Egypt Post for Investment (30%).