Tanmeyah for Microfinance Services, a subsidiary of EFG Hermes Holding and one of Egypt’s leading providers of microfinance solutions, and PayTabs Egypt, a subsidiary of EFG Hermes Holding and MEASA’s award-winning payment powerhouse, announced today that the companies have forged a strategic alliance to digitize Tanmeyah ‘s payment collection through PayTabs Egypt’s secure payment gateway.
The collaboration aims to fast-track Tanmeyah‘s digital transformation strategy by allowing clients to access online payment collection. It will also offer the microfinance leader direct access to PayTabs Egypt’s microbusinesses and freelancers to grow their own borrower bases. As Egypt’s premiere digital payments platform, PayTabs Egypt will help Tanmeyah businesses and individuals make payments securely and smoothly with the integration into the microfinance players’ infrastructure. This will also allow Tanmeyah to accept collections from other platforms such as Fawry and OPay, among many other providers.
Commenting on the partnership, Hossam AlNaggar, CEO of Tanmeyah said, “It’s an exciting moment for us to be taking this pivotal step in our digital transformation strategy with PayTabs Egypt. It’s proof positive of the tangible impact the group’s NBFI platform has as an engine for growth for people and businesses. As Egypt’s fastest-growing provider of integrated microfinancing solutions, digitization is fundamental for our sustainable growth and solidifies our role in financial inclusion and supporting economic development in the country. Our goal is to help more people access opportunities, build their businesses, and cope with financial pressures. The collaboration between our companies will only serve to further empower the people we have worked for years to serve through our traditional brick-and-mortar structure.”
As of 2Q2022, the microfinance leader had extended loans to more than 400 thousand active borrowers serving them through more than 300 branches across 25 Egyptian governorates with an outstanding portfolio exceeding EGP 4 billion.
Digitizing Tanmeyah ‘s payments will elevate the user experience, appealing to a substantial part of the population that is tech-empowered and seeking digital solutions made possible by strong mobile and internet penetration and a rising adoption of affordable smart phones. The partnership provides Tanmeyah with a secure, instant, and streamlined collection process that is easily reconciled and promotes cashless transactions across the economy.
On a wider level, the collaboration falls within EFG Hermes Holding’s strategy to build an end-to-end financial solutions ecosystem by building businesses and forging alliances between them to provide clients with seamless and progressive financial solutions that help people live better lives and grow better businesses. It will additionally fuel the joint goal of both Tanmeyah and PayTabs Egypt in contributing to economic growth by aligning with the UN’s Sustainable Development Goals (SDGs) and enabling more segments of the population to access capital and financing efficiently and securely.
PayTabs’ Regional Head for Africa and the GCC, Hany Soliman, said, “We’re thrilled to be part of Tanmeyah‘s digital transformation journey and to be enabling cashless transactions for one of the country’s leading microfinance players to drive economic growth. Since 2020, digital adoption has been growing exponentially in Egypt, and our mission is to digitize payments in a way that is faster, easier, and more secure. Through solid partnerships like this one, PayTabs Egypt is becoming the country’s next generation payments platform, expanding our reach to the unbanked and underserved. As part of EFG Hermes Holding’…