Al-Tadamun Microfinance Foundation, specialising in microfinance for women, has reported strong growth rates for the financial period ending in June 2024. The value of its outstanding loan portfolio surpassed EGP 1.4bn, reaffirming the foundation's leading role in supporting economic activity and achieving sustainable development. Performance indicators revealed a significant increase in the foundation's active loan portfolio, which grew by 25.2% year-over-year, reaching approximately EGP 1.42bn by the end of June 2024, compared to around EGP 1.13bn in June 2023. The foundation also experienced growth in the volume of loans disbursed during the first half of 2024, with financing for clients amounting to EGP 1.29bn, compared to about EGP 1.09bn in the same period of 2023, reflecting an 18.1% growth rate. Reham Farouk, the CEO of the foundation, stated that the results achieved during the financial period ending in June 2024 reflect the success of the foundation's business strategy, underscoring its pioneering role in providing the necessary financing to grow and develop micro-projects led by women. Farouk emphasised the importance of supporting the small, medium, and micro enterprises sector, which significantly contributes to the country's economic growth and plays a strong role in creating sustainable job opportunities. This support aligns with the state's efforts to achieve women's economic empowerment and expand financial inclusion under the framework of the Sustainable Development Strategy and Egypt's Vision 2030. Farouk noted that the foundation aims to reach various segments seeking financing to empower women entrepreneurs to expand their activities. This is achieved through a range of financing programs, including "individual loans, group loans, family loans, and golden loans," in addition to non-financial services. Kareem Gomaa, the CFO of the foundation, highlighted the foundation's commitment to expanding the issuance of Meeza cards for clients, in collaboration with the National Bank of Egypt. By the end of June 2024, the total number of issued Meeza cards had reached approximately 125,361, aimed at facilitating clients' access to funds via ATMs. Gomaa also pointed out that the Al-Tadamun Microfinance Foundation is dedicated to supporting the state's digital transformation plan by enabling clients to pay their instalments through electronic payment machines (POS). By the end of June 2024, the rate of electronic instalment payments had reached 99%, in collaboration with Fawry, OPay, Masary, Cash Call, Bee, and Watani. As part of its commitment to expansion and geographical outreach, the foundation now operates 119 branches across 15 governorates nationwide, in addition to three unique mobile branches designed to offer the foundation's services more widely and reach various client segments.
