Essawy: “Our Partnership ensure facilitating the Payments During the Pandemic impact”
Moghazy: “A Fruitful Step That Supports AMAN’s Expansion Strategy and Financial Inclusion Efforts”
The leading application in discounts’ and cashbacks’ offers in Egypt, Lucky, has announced that it has signed a partnership with AMAN for Financial Services. Under the partnership, AMAN will offer its installation distinguished services to nearly 5 million Lucky’s users, a step that supports the purchasing power and promotes trade.
The partnership between Lucky and AMAN for Financial Services aims to provide consumer finance services from AMAN to users of the Lucky application, ensuring a unique experience that facilitates shopping for goods of all kinds through online and offline shopping outlets and platforms of Lucky’s partners. The partnership also contributes to lifting the economic burden on citizens by diversifying payment plans according to consumer needs.
Lucky will allow users to benefit from AMAN’s services by subscribing to the “Installment” feature through its app and submit info. Then, users’ inputs will be reviewed as soon as possible before the request is accepted and the finance is provided. Users can also repay the installments through Lucky’s App and AMAN’s broad network of branches across the country, over a period of 6 to 24 months.
Over 5 million users of the application will be able to purchase – in installments – various products and services offered by over 10000 merchants in various sectors.
Commenting on the partnership, Ayman Essawy, Co-Founder and General Manager of Lucky, stressed the importance of cooperating with a well-established partner such as AMAN for Financial Services. He said that the installment plans help reduce the gap between citizens’ income and their needs, as it facilitates planning and organizing payments, especially with the impact of the Covid-19 pandemic on various sectors. The partnership with AMAN will introduce the app to a new segment, and Lucky will benefit from the partnership to increase the volume of business through the broad online market, he added.
Hazem Moghazy, CEO of AMAN for Financial Services, expressed his delight with this partnership, as it further strengthens AMAN’s portfolio of partners and serves a broad segment of users. It also aligns with AMAN’s expansionary strategy, which aims to expand partnerships to cover various goods and services and support financial inclusion efforts, he noted.
Given the promising performance demonstrated by Lucky and the trust that AMAN for Financial Services has earned over the years, the partnership between the two parties is expected to be very fruitful, Moghazy said. “AMAN for Financial Services provides over 400,000 customers with consumer finance and microfinance services, and we seek to establish more fruitful partnerships – as that one with Lucky – to expand our distinctive and pioneering financing services in the Egyptian market.” He said.
Within the framework of their partnership to provide customers with more efficient and quicker services, AMAN for Financial services – a subsidiary of Raya Holding for Financial Investments – and the leading operator in the field of collective passenger transport Blue Bus has announced expanding their cooperation to include travel reservation procedures through over 30 branches of Aman for Financial Services, in addition to +100000 points of sale of AMAN for E-Payments.
This new cooperation follows the success of the partnership between AMAN and Blue Bus over the recent years. It began with the idea of integrating services of Blue Bus and AMAN for Financial Services, then it materialized after signing a protocol of cooperation between the two parties to provide ticketing services of Blue Bus through the branches of AMAN for Financial services, in addition to the POS of AMAN for E-Payments. The service is to be expanded soon to include more of the places covered by both companies.
Commenting on this step, Hazem Moghazy, CEO of AMAN for Financial Services, emphasized AMAN’s pride of the continued cooperation with Blue Bus. Through this cooperation, clients can visit over 30 branches of AMAN for Financial Services in Cairo, Giza, and Alexandria – as an initial phase – for all booking procedures, payment, and issuance of tickets easily and securely. Branches also offer the possibility of payment for tickets in installments. Meanwhile, work is underway to offer the service in all 250 branches of AMAN for Financial Services scattered across the country, Moghazy added.
Our aim is to change the culture of people regarding electronic payment and collection, through offering required technical solutions to make the process easier for clients, said Mohamed Wahby, CEO of AMAN for E-Payments. We are taking firm steps towards providing both banked and unbanked populations in Egypt with secured e-payment channels conveniently and at a low cost. These services promote financial inclusion, as they follow the track of the transformation into a cashless society, and they also align with the vision and strategy of Egypt, he added.
Shahenaz Elshaer, the chairperson of Blue Bus, said that: We strive to maintain and expand this continued cooperation between our corporate and AMAN. We are now working as one team to provide our customers with excellent and fast services. Since offering e-payment services within our ticket reservation system on our website, about 250,000 payments have been made, with the value of tickets issued through this service exceeding EGP 65 million. As soon as we have launched Blue Bus, we have been keen to include AMAN for E-Payments as an essential provider of ticketing services through the website and the app. We are working to expand cooperation by providing an integrated reservation and payment service at AMAN for Financial Services branches, which is what we are proud of today, she added.
In continuation of its expansion and spread in all governorates, AMAN for Financial Services, one of the subsidiaries of the Raya Holding Group for Financial Investments, signed a cooperation protocol with El Maharees and Engineering Company, one of the subsidiaries of the Holding Company for Chemical Industries, which is one of the long-standing companies providing agricultural tractors and some machine to the Egyptian market from abroad.
The cooperation protocol was signed by Engineer Mohamed Hassanein Radwan, Chairman of the Board of Directors of El Maharees and Engineering Company and Engineer Hazem Moghazi, CEO of AMAN for Financial Services.
This cooperation aims to provide AMAN for Financial Services with installments for the products of El Maharees Company and the implementation of electronic payment processes with it in all 250 branches of AMAN that are spread in governorates nationwide. On the other hand, the company will sell AMAN products which range from electronics, mobile phones and other complementary products within 5 branches of the company. It is expected that the experience will be generalized in all branches in addition to the implementation of electronic payment operations in all branches of the company that are spread in governorates nationwide.
The signing comes within the framework of the Ministry of Public Business Sector’s strategy to stimulate marketing with the aim of achieving economic and commercial efficiency for its subsidiaries by establishing a central unit for marketing and business development in the holding companies to enhance them in the subsidiaries in order to maximize revenues and improve marketing.
Commenting on this cooperation, Hazem Moghazi, CEO of AMAN for Financial Services, affirmed his happiness with the confidence granted by El Maharees Company, as this cooperation is the first governmental cooperation between AMAN and a governmental company. AMAN seeks, through this joint cooperation, to provide all the needs of El Maharees Company’s clients. Through 250 branches of AMAN, they provide installment services and payment of bills targeting thousands of customers, indicating that this new cooperation will maximize AMAN’s investment portfolio and open new areas for installments in a way that will achieve AMAN’s vision. This vision is in line with the vision of the Egyptian state towards achieving financial inclusion of citizens.
Moghazi added that this cooperation helps to stimulate sales in addition to reducing the burden of the company’s customers by providing financing services and attracting a larger segment of customers that depend entirely on installments to provide home appliances.
It is worth noting that AMAN is one of the Raya Holding subsidiaries, established in 2016, with the aim of achieving the vision of financial inclusion through three companies: AMAN for E-Payments, AMAN for Financial Services and AMAN for Microfinance. The group aims to provide appropriate, fast and diversified financial solutions for individuals who do not have the ability obtaining banking services or those who have limited opportunities to obtain financing, with the help of advanced technological solutions.
Hazem Moghazi: We aim to reach our portfolio of 700 million pounds by the end of this year
AMAN for Financial Services, an Egyptian joint stock company and one of Raya Holding Company for Financial Investments subsidiaries, obtained a license to engage in consumer finance activity within its purposes in accordance with the New Resolution No. 494 of 2020.
Hazem Moghazi, CEO of AMAN for Financial Services, explained that the AMAN license is the first license for a consumer finance service provider. Through this service, Moghazi mentioned that we can continue to provide our services package to our customers according to the latest amendment, starting with installment services and paying bills for cash services.
Moghazi added, that AMAN’s investment portfolio includes 500 million pounds and aims to reach 700 million by the end of this year. This indicates that the company has an ambitious strategy to expand the services provided, most notably payment, selling and buying services online through the company’s outlets. AMAN has 250 branches and outlets in 23 governorates nationwide.
Moghazi explained that they work in installments according to the standards of the corporation and added that with obtaining the first consumer finance service provider license, this step is a testimony for them in their compliance with the general professional rules and regulations for installment on its basis while protecting consumer rights, increasing efficiency, reducing prices, meeting the growing needs of local demand and providing database to aid decision making.
The first article of the law regulating consumer finance activities defined consumer finance providers as producers or distributors of goods who engage in consumer finance activity. The law required consumer finance providers whose main activity is distributing or selling goods subject to financing to obtain a license from the authority and be registered with a special registry when the annual funding provided by them exceeds the limit decided by the Authority’s Board of Directors, provided that it is not less than 25 million pounds.