By: Islam Fadl

Cairo – Mubasher: Aman for Microfinance, owned by Raya Holding for Financial Investment, seeks to borrow EGP 500 million from five banks.

The Egyptian firm is currently in negotiations with Commercial International Bank (CIB), Suez Canal Bank, Attijariwafa Bank, Blom Bank – Egypt, and the United Bank to borrow EGP 100 million from each lender, the company’s chief financial officer Ayman Bassiouny told Mubasher.

During the first half of 2019, Aman for Microfinance obtained loans worth EGP 500 million from seven banks, Bassiouny revealed.

Earlier in June, Egypt’s Financial Regulatory Authority (FRA) approved Aman’s request to collect loan instalments from its clients online.

Customers can repay loans’ instalments through Aman’s 40,000 “PoS” machines spread across Egypt, Ahmed El Khatib, the general manager (GM) and managing director (MD) of Aman for Microfinance, said.

Since the beginning of 2019, the company’s financing portfolio has reached EGP 250 million.

Translated by: Zeinab Adel