MEMPHIS REISEN

Al Tadamun Microfinance boosts women’s funding to EGP 2.34bn in 2023 – Dailynewsegypt

Al Tadamun Microfinance Foundation, dedicated to financing women’s micro-projects, reported significant growth in performance indicators for the financial year ending December 2023. This aligns with national efforts towards women’s economic empowerment, the sustainable development strategy, and Egypt’s Vision 2030.

The foundation saw a 21% increase in disbursed funds, injecting approximately EGP 2.341bn into client projects, up from EGP 1.94bn in 2022.

December 2023 witnessed a 22% rise in the outstanding financing portfolio, reaching EGP 1.311bn, up from EGP 1.076bn the previous year, reflecting a commitment to expanding financial access and fostering economic growth.

Reham Farouk, CEO of Al Tadamun Microfinance Foundation, takes pride in the organization’s robust performance and resilience amidst challenging economic conditions. She emphasizes the critical role of small, medium, and micro enterprises (SMMEs) in bolstering economic activity, increasing domestic production, and creating sustainable employment opportunities. Farouk assures that the foundation will persist in its expansion efforts, aiming to serve all female entrepreneurs through diverse financing programs and non-financial services.

Karim Gomaa, Financial Director, highlights that over 25 years, the cumulative financing portfolio has exceeded EGP 10.5bn, benefiting 2.2 million women. The foundation operates 112 branches across 14 governorates and three mobile units, enhancing service reach and customer diversity.

In 2023, in partnership with the National Bank of Egypt (NBE), Al Tadamun issued 7,593 Meeza cards to clients, contributing to the total of 125,154 cards distributed, advancing financial inclusion.

Supporting Egypt’s digital transformation agenda, Al Tadamun enables installment payments through POS terminals in collaboration with Fawry, OPay, Masary, Cash Call, and more, achieving a 99% e-payment rate in December 2023.