Tanmeyah Joins Forces with MSMEDA to Empower Approximately 10000 Micro-Enterprises in Agreement Valued at 200 Million
Cairo 10 Mar 2024:
Tanmeyah, is a subsidiary of EFG Holding and a leading provider of financial services in Egypt with a concerted focus on the micro and small enterprise segments, announced today a collaborative agreement with the Egypt’s Micro, Small, and Medium Enterprise Development Agency (MSMEDA) for the formalization of a strategic contractual agreement valued at EGP 200 million. This collaboration is dedicated to financing micro-enterprises and demonstrates Tanmeyah’s solid commitment to enhancing financial inclusion and delivering essential financial services across Egypt in alignment with governmental initiatives.
The agreement, signed by Mrs. Nevine Badr El Din, Director Micro Finance Central Sector MSMEDA, and Tanmeyah’s CEO &MD, Jinu Johnson marks the commencement of a powerful partnership poised to empower approximately 10,000 micro-enterprises in expanding their operations. Under this program, each loan can reach a maximum of EGP 220,000. Tanmeyah’s extensive operations currently cover 25 governorates in Egypt.
The primary objective of this collaboration is to support various types of small businesses, including production, sales, services, crafts, and traditional activities, across diverse villages and districts. A special emphasis will be placed on aiding communities in Upper Egypt and the Delta region, with the goal of enhancing their quality of life.
CEO of MSMEDA, Bassel Rahmy, said, “This agreement comes within the context of MSMEDA’s participation in the implementation of the government’s plans to upgrade the micro-enterprise sector. The first contract is dedicated to motivating informal micro-enterprises to shift into the formal sector and capitalize on privileges granted by Law 152/2020. This way, they will be better suited to increase their turnover and consequently upgrade into small and then medium businesses.”
“The second contract would target young men and women, particularly women heading households, to help them establish start-ups or expand in existing micro businesses and contribute to satisfying the different needs of local markets. Both contracts would provide finance to around four thousand beneficiaries and improve the competitive edge of micro businesses nationwide,” added Rahmy.
Aladdin ElAfifi, CEO of EFG Finance, an EFG Holding company, commented, “This collaboration between Tanmeyah and MSMEDA underscores the pivotal role of strategic partnerships in driving inclusive economic growth. Through this partnership, we aim to empower micro-enterprises by providing not just financial assistance but also the necessary support and resources to thrive. Together, we believe in the transformative power of entrepreneurship to drive socioeconomic development and create lasting impact in communities across Egypt.”
Jinu Johnson, CEO & MD of Tanmeyah, expressed enthusiasm for the impact of this collaboration, stating, “We are thrilled to embark on this journey with MSMEDA, aligning our shared commitment to fostering economic growth and financial inclusion in Egypt. This partnership signifies our dedication to empowering micro-enterprises, especially in underserved regions. Through strategic financing, we aim to unlock the potential of entrepreneurs, creating a ripple effect that positively influences communities and contributes to the broader socio-economic development of the nation.”
This collaboration between MSMEDA and Tanmeyah marks a significant step forward in the realization of the government’s vision for financial inclusion. Tanmeyah is dedicated to its core mission of providing financial services to those traditionally excluded from mainstream banking, with this focus extending beyond small businesses to include individuals with lower incomes, particularly women and youth.
Launched in 2009, Tanmeyah has grown to become Egypt’s premier financial services provider for small and microfinance enterprises, providing access to critical capital that can transform lives, build businesses, and drive socioeconomic change. With the widest branch network in the country, deep industry knowledge, and community ties, Tanmeyah has improved lives and built millions of businesses across the country. Tanmeyah has issued over two million financing facilities of various types and sizes. It currently serves nearly 30,000 new clients per month through its network of over 305 branches and approx. 5,000 employees in 25 governorates.
About Tanmeyah
Tanmeyah is one of Egypt’s leading providers of financial services with a concerted focus on the micro and small enterprise segments. Founded in 2009 and acquired by EFG Holding in 2016, Tanmeyah quickly became Egypt’s pioneer in responsible financing for lower-income, small, and micro-enterprise owners with limited access to capital. The loans that Tanmeyah provides for this crucial segment of the population enable small entrepreneurs to launch and grow their businesses and support their surrounding communities. Tanmeyah directs its financing towards high-demand areas and individuals through branches in the heart of its communities, mainly in the Delta and Upper Egypt. It also offers products and services that complement the diverse needs of small businesses, such as individual lending for women and light vehicle loans. The company seeks to fuel economic growth, provide pathways out of poverty, and improve local living standards.
Tanmeyah has issued over two million financing facilities of various types and sizes. It currently serves nearly 30,000 new clients per month through its network of over 305 branches and approx. 5,000 employees in 25 governorates.