Tamweely Microfinance continues its strong performance with net profit growth of 75% and a portfolio exceeding EGP 1.07 Billion

Abou El-Azm: "Tamweely's net profit increased 75% to EGP 51.5 Million in 2020, compared to EGP 29 Million in 2019"

  
Amr Abou El-Azm

Amr Abou El-Azm

  • Khorched: “Tamweely’s geographic expansion and employees’ notable efforts contributed to the company’s growth during tough times.”

Cairo: Tamweely Microfinance has announced strong results for its 2020 fiscal year ending December 31, 2020. The results were fueled by revenue growth as well as clients and branches expansion.

During the press conference, Executive Vice Chairman & CEO of Tamweely, Mr. Amr Abou El-Azm, announced that Tamweely’s net profit increased 75% to EGP 51.5 Million in 2020, compared to EGP 29 Million in 2019.

Furthermore, the total amount of disbursed loans reached to EGP 2.64 Billion in 2020, versus EGP 1.1 Billion in 2019, marking an increase of 139%. Gross loan portfolio increased from EGP 699 Million in 2019 to EGP 1.07 Billion in 2020, growing 53%.

Abou El-Azm added that Tamweely has expanded its outreach and served 75K clients in 2020, compared to 55K clients in 2019. He expressed his pride that women represented 42% of beneficiaries.

Tamweely’s Executive Vice Chairman emphasized that the company relied on its esteemed risk management strategy to thrive and overcome COVID-19 implications on the economy and in particular the microfinance sector.

Furthermore, he highlighted that Tamweely’s strategy aims at providing cutting-edge financial services, reinforcing economic empowerment for underprivileged communities, along with integrating them in the formal economic sector.

Building on its strategy, the company’s investment value is maximized, benefiting its shareholders and boosting Tamweely’s pivotal role in microfinance industry nationwide.

Abou El-Azm added that Tamweely handled the crisis with swift & agile response, offering incentives for clients and introducing innovative products according to market needs.

He concluded his talk unveiling Tamweely’s projected plans for 2021. He revealed expansion plans, working on 3 pillars. First, geographic expansion in Upper and Lower Egypt to reach more segments of the community. Second, technological expansion reinforcing digital transformation. Third, products expansion, enriching the sector with new credit products, including: Nano Finance & Revolving credit. Also, Tamweely continues to offer support to micro projects, complying with the state’s strategy to reduce the burden on MSEs.

CEO and Managing Director of Tamweely, Ahmed Khorched, asserted that the company’s witnessed success in 2020 was ensured by its unceasing expansion plans along the year. Accordingly, branches increased from 47 branches covering 11 governorates in 2019 to 71 branches in 15 governorates by the end of 2020.

Also, Tamweely offered more employment opportunities, moving from 891 employers in 2019 to 1450 employers in 2020, whose notable efforts contributed to the company’s growth during tough times.

Khorched acknowledged Tamweely’s shareholders for their prominent support, in addition to the management’s assertive decisions, leading to reliable performance during the pandemic. Striving hard to achieve its aspiring plans, Tamweely financed more than 111K clients with 91% growth compared to 2019. Women represent 42% of client base.

Tamweely’s Managing Director expressed his delight with the company’s profitable partnerships in 2020. Tamweely has signed cooperation protocols with several entities, facilitating distant payment, including: National Post Authority, Bee Company & Damen ePayment. Also, the company allied with Banque Misr & Al Qada Foundation. With programs to enhance employers’ skills and develop technological infrastructure, Tamweely aims at cooperating with international development institutions to acquire further credit facilities and technical support.

It is worth mentioning that Tamweely Microfinance is a non-banking financial institution founded in 2018 with an issued capital of EGP 75 million. Tamweely’s shareholders are NI Capital Holding for Financial Investment, Ayady for Investment and Development and Post for Investments Company.

-Ends-

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