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Aman Microfinance plans to double capital, increase portfolio to EGP 500m in 2019 We are negotiating with 5 new banks to increase funding provided to companies, says Moghazi
Aman for Microfinance, a subsidiary of Raya Holding for Financial Investments Company, has revealed its strategic plan to double its capital by EGP 50m by the end of this year, taking it to EGP 100m. Ahmed Elkhatib, the general manager and managing director of the company, said that with the growth of the company's business volume since its launch in 2018, it has been able to provide funding services to more than 15,5000 clients, with a portfolio of EGP 104m. He pointed out that the company plans to serve 60,000 clients by the end of this year, to take its funding portfolio to EGP 500m, noting that the value of the funding provided to micro-enterprises, who are Aman's clients ranges between EGP 4,000-100,000 according to the rules of the Egyptian market. The repayment period is between four and 24 months. According to Elkhatib, the company plans before the end of 2019 to open new branches in many governorates, including Kafr El Sheikh, Sharqeya, Beheira, and Minya. It also plans to increase the number of its branches in the governorates where it already exists, up to 55 branches in 2019. The company also plans to take its branches to 150 over the next five years. “Aman has launched many ways to facilitate for clients paying instalments, most prominently, through the company's branches and machines, in addition to the possibility of obtaining a loans and paying in instalments at the National Bank of Egypt (NBE),” Elkhatib added. For his part, Hazem Moghazi, the CEO of Aman Financial Services, said that the company is currently negotiating with five new banks to increase the funding provided to them over the upcoming period. He explained that the company has obtained funding worth EGP 250m from the NBE, Banque Misr, Banque du Caire, the Export Development Bank, and the Real Estate Bank. He pointed out that the percentage of late clients in terms of repayment reached 0.5% of the total funding injected in 2018. According to Moghazi, Aman has become the first company in line with the controls issues by the Financial Regulatory Authority, after it received an official decree to adjust its situation.
