Cairo – Mubasher: Tamweely Microfinance reported net profits of EGP 51.5 million in 2020, a 75% increase from EGP 29 million in 2019, the Executive Vice Chairman and CEO, Amr Abou El-Azm, announced.

The total amount of disbursed loans surged by 139% to EGP 2.64 billion last year, compared to EGP 1.1 billion in 2019, Abou El-Azm said in a press conference on Wednesday.

In addition, the gross loan portfolio hiked by 53% to EGP 1.07 billion in 2020 from EGP 699 million a year earlier.

Abou El-Azm added that Tamweely has expanded its outreach and served 75,000 clients in 2020, compared to 55,000 in 2019, with women making up 42% of total beneficiaries.

The company adopted a risk management strategy to mitigate the impact of the COVID-19 on economy in general and microfinance in particular, he pointed out.

The company’s plans for 2021 include geographic expansion in Upper and Lower Egypt, technological expansion reinforcing digital transformation, and product expansion through providing new credit products such as nano-finance and revolving credit.

Over the course of 2020, the number of branches increased to 71 in 15 governorates from 47 branches in 11 governorates in 2019, the CEO and Managing Director of Tamweely, Ahmed Khorched, said.

In addition, Tamweely financed more than 111,000 clients last year, recording a 91% YoY growth rate.

Tamweely’s shareholders are NI Capital Holding for Financial Investment, Ayady for Investment and Development, and Post for Investments Company.