Mohamed Wahby: AMAN Will Provide 1000 Women in Underprivileged Communities with its POS Machines and App
(Cairo – September 5, 2021) AMAN for E-Payments, a subsidiary of AMAN for Non-banking Financial Services and E-Payments under the umbrella of Raya Holding for Financial Investments, has announced a new partnership with Arab Women’s Enterprise Fund (AWEF), the leading organization working to achieve financial and social empowerment for women. It comes as a part of AMAN’s efforts to promote financial inclusion for minority groups.
AMAN for E-Payments – in cooperation with AWEF, aims at empowering 1000 women from low-income communities to be included in AMAN’s network of merchants – which, in turn, other women in the same network. AMAN shall provide women with POS machines and AMAN’ POS online app, besides financial support to begin their work – a step that encourages other women to use e-payment methods and be financially included in their communities.
“AMAN strives to achieve financial inclusion for all segments of societies in Egypt, especially women in less fortunate communities. Therefore, we are pleased to be an effective technical and financial partner to the leading foundation in women’s financial empowerment, AWEF, which operates in Egypt and other Arab countries,” commented Mohamed Wahby, the CEO of AMAN for E-Payments. “Such a project is at the core of our strategy and social responsibility,” he added.
“Under this partnership, AMAN provides its POS machines and app to empower 1000 women in underprivileged communities, besides an amount of money to facilitate the early steps of their work. We strongly promote AWEF’s strategy that aims at expanding digital finance projects and financial inclusion for women,” Wahby said.
“AWEF works to promote women’s financial empowerment. We believe that providing women with financial services and payment facilities is a key pillar in achieving gender equality in the workplace,” said Youmna Mustafa, the director of AWEF. “We are delighted with our partnership with AMAN, as a key player in financial digital services’ market in Egypt. Thus, we look forward to our fruitful cooperation with AMAN that shares our journey to empower women.”
AWEF is a development program aimed at women’s economic empowerment, funded by the Foreign, Commonwealth and Development Office (FCDO). AWEF has recently launched an initiative to expand work with digital financial service providers in Egypt and Jordan. Under this initiative, AWEF investigates the needs of women – as users of digital financial services, facilitates their access to digital financial services, and encourages the development of a financial services infrastructure that provides women with services and products to promote their financial empowerment and participation in the Labor market.
AMAN for E-Payment is one of the three arms of the AMAN for Non-banking Financial Services and E-Payments, under the parent company Raya Holding for Financial Investments. As a leading company in fin-tech in Egypt, AMAN for E-Payment works to achieve financial inclusion through digital solutions. It offers over 700 services through its network of over 120,000 merchants in Egypt. It also works to achieve a cashless society and raise merchants’ awareness to accept non-cash transactions.
Empowering women is a top priority for the AMAN for Non-banking Financial Services and E-Payments as a whole, as the percentage of women’s projects funded by the sister company AMAN for Microfinance has exceeded 40% of the business volume in 2020.
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.