Cairo – AMAN Holding co-hosted a panel discussion on “How to Scale Green Microfinance in Egypt and Africa” at COP27 in Sharm El-Sheikh as part of their commitment to promote sustainable development across Egypt and Africa.
The session was held at the Blue Zone of the Business Pavilion at COP27, with the main focus on exploring the green microfinancing role in combating climate change, the opportunities and challenges in scaling the industry, and methods to speed up the transition to a greener economy, according to a press release on Wednesday.
The integrated financial technology (FinTech) group aims to accelerate the mainstream adoption of green financing and practices, and have long championed sustainable economic development through services and products, in tandem with Egypt’s National Strategy for Climate Change 2050.
Hazem Moghazy, CEO of AMAN Financial Services, said: “The rapidly growing sector of microfinance, 40% YOY growth, is a vital contributor to climate action initiatives since it caters for a wide segment of consumers and businesses of all sizes. However, regardless of the attention green microfinance is getting from regulators, banks and financial institutions, the lack of awareness within the clients is one of the things hindering its contribution to transition to green.”
Moghazy added: “On the other hand, the market size is huge, rapidly growing and rich in untapped opportunities with 5.50 million families and beneficiaries expected to reach 10 million by 2030.”
During 2021 and 2022, Aman Financial Services has financed the conversion of 3,500 cars from petrol to natural gas with zero interest rate.
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