MEMPHIS REISEN

Tanmeyah, MSMEDA partner to enhance financial inclusion, deliver essential financial services – Dailynewsegypt

Tanmeyah, a subsidiary of EFG Holding and a leading provider of financial services in Egypt, announced Sunday a strategic partnership with the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) to finance micro-enterprises with a contractual agreement valued at EGP 200m. This partnership reflects Tanmeyah’s commitment to enhancing financial inclusion and delivering essential financial services across Egypt in alignment with governmental initiatives.

The agreement was signed by Nevine Badr El Din, Director of Micro Finance Central Sector at MSMEDA, and Jinu Johnson, CEO and MD of Tanmeyah. It marks the beginning of a powerful collaboration that aims to empower approximately 10,000 micro-enterprises to expand their operations. Under this program, each loan can reach up to EGP 220,000. Tanmeyah currently operates in 25 governorates in Egypt.

The main objective of this partnership is to support various types of small businesses, such as production, sales, services, crafts, and traditional activities, in different villages and districts. A special focus will be given to helping communities in Upper Egypt and the Delta region, with the goal of improving their quality of life.

Mr. Bassel Rahmy, CEO of MSMEDA, said, “This agreement is part of MSMEDA’s participation in the implementation of the government’s plans to upgrade the micro-enterprise sector. The first contract is aimed at encouraging informal micro-enterprises to transition into the formal sector and benefit from the privileges granted by Law 152/2020. This way, they will be able to increase their turnover and eventually grow into small and medium businesses.”

“The second contract will target young men and women, especially women heading households, to assist them in establishing start-ups or expanding existing micro businesses and meeting the diverse needs of local markets. Both contracts will provide finance to around four thousand beneficiaries and enhance the competitiveness of micro businesses nationwide,” he added.

Mr. Aladdin ElAfifi, CEO of EFG Finance, an EFG Holding company, commented, “This partnership between Tanmeyah and MSMEDA demonstrates the vital role of strategic partnerships in driving inclusive economic growth. Through this partnership, we aim to empower micro-enterprises by providing not only financial assistance but also the necessary support and resources to succeed. Together, we believe in the transformative power of entrepreneurship to drive socioeconomic development and create lasting impact in communities across Egypt.”

Mr. Jinu Johnson, CEO & MD of Tanmeyah, expressed his enthusiasm for the impact of this partnership, stating, “We are excited 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 wider socio-economic development of the nation.”

This partnership 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.