Tamweely Microfinance has injected funding valued at 500 million since August 2018, the company’s chairman Amr Abou El Azm said.
The company’s funding portfolio currently stands at EGP 400 million offered to nearly 30,000 customers, Abou El Azm added in a statement on Sunday.
Tamweely Microfinance has signed a protocol of cooperation with the Egyptian Post Authority (EPA) to open branches of the company at EPA’s offices, Abou El Azm pointed out.
The first phase of the plan includes opening seven new branches at EPA’s offices in Beni Suef, Minya, Sohag, and Qena, along with the existing 14 branches in these governorates, he noted.
Accordingly, the total number of Tamweely’s branches will be raised to 35 covering a large number of governorates in the North African nation, he added.
This move is part of the company’s plan to increase its capital to EGP 75 million from EGP 50 million, he revealed.
The company’s new branches will start operation by early October, the company’s CEO and managing director Ahmed Khorshid stated.
Tamweely has allocated about EGP 7 million to finance 3,500 new customers through these seven new branches, Khorshid added.