Aman for Microfinance, a subsidiary of Aman Group that is owned by Raya Holdings for Financial Investment, has launched its first investment fund, dubbed AmanYoum-B-Youm.
Aman earlier obtained the Financial Regulatory Authority’s (FRA) approval to set up its daily investment fund, which is expected to receive total investments of EGP 100 million within one year. Meanwhile, the fund is forecast to collect EGP 25 million worth of the investments in the initial phase.
Aman for Microfinance teamed up with Prime Investments-Asset Management to establish the fund that will provide all social segments with a daily return on investment (ROI), according to a press release.
Hazem Moghazy, CEO of Aman Financial Services, said: “Observing the average of the individuals integrated in the banking sector, we have noticed that they barely form 56%, represented in individuals acquiring or benefiting from bank accounts, [electronic wallet] e-wallets and payment cards.”
Moghazy added: “This figure confirms on the existence of a huge gap in the facility of saving financial products, which motivated us to deliver our own in the same manner we had previously introduced consumer, micro and [small and mid-size enterprise] SME finance.”
He noted: “We are expecting 20,000 clients in the first year [of launching the fund].”
Ahmed Al-Khatib, CEO of the Aman for Microfinance, stated:“[Youm-B-Youm service] is built around the clients’ needs, where they are able to deposit or withdraw funds 24/7 via Aman’s vast network of branches, extending through 350 stores and over 150,000 [point of sale]POS all over Egypt.”
