By: Islam Fadl
Cairo – Mubasher: The Financial Regulatory Authority (FRA) has approved for Aman for Microfinance, a subsidiary of Raya Holding for Financial Investment, to collect instalments from its clients “online”.
Following the FRA’s approval last week, the loans granted from Aman for Microfinance will be collected through its sister company Aman Electronic Payment Technology, Ahmed El Khatib, the general manager (GM) and managing director (MD) of Aman for Microfinance, said.
Aman for Microfinance owns about 40,000 “PoS” machines distributed throughout Egypt, as the customers can repay loans’ instalments through them, El Khatib noted.
He added that nearly 29,500 customers of Aman for Microfinance currently repay their loans through the “PoS” machines.
It is worth to mention that the company aims to double its capital to reach EGP 100 million to be utilised in funding expansion plans as well as obtaining more loans from the banks operating in the Egyptian market.
El Khatib revealed that Aman for Microfinance intends to finance small and Medium Enterprises (SMEs) in the coming period.
On Sunday, Raya Holding reported in its statement to the Egyptian Exchange (EGX) that its subsidiary Aman for Microfinance targets injecting EGP 700 million funding during this year, as it is negotiating with banks to obtain the required finance for its projects.
