Aman for Microfinance, a member of the Egypt-based Aman Group, in partnership with the asset management unit of Egypt’s Prime Holding, recently announced an investment fund called Aman Youm-B-Youm, whose name can be translated as Aman Day-by-Day. Aman for Microfinance anticipates the fund will generate returns of 8 percent and grow to a volume of EGP 100 million (USD 5.3 million) during its first year. Designed as a savings fund, Aman Youm-B-Youm will harness conservative investments such as Treasury bills. All funds are to remain available for withdrawal on demand.
Aman for Microfinance was established in 2018 as the financial technology arm of the Aman Group. The firm, whose target market is unbanked and underbanked individuals, operates through 350 branches and 150,000 point-of-sale partners. As of December 2020, Aman for Microfinance held about EGP 1.1 billion (USD 59 million) in assets. The Aman Group is owned by Raya Holding and the National Bank of Egypt (NBE).
Established in 1998, Raya Holding is active in financial services, technology and food service. During 2021, it brought in revenue of EGP 17 billion (USD 905 million).
NBE was founded in 1898 and is wholly owned by the Egyptian government. As of June 2021, the bank managed EGP 2.6 trillion (USD 139 billion) in assets.
Established in 1995, Prime Asset Management has eight funds and total assets under management of EGP 8 billion (USD 426 million) as of 2022. Founded in 1992, Prime Holding is active in a range of financial services in the Middle East and North Africa.
By Ben Greissman, Research Associate
Sources and Additional Resources
Ahram article
https://english.ahram.org.eg/News/468047.aspx
Aman for Microfinance homepage
https://amanmicrofinance.com
Aman Group homepage
http://aman.eg
Aman for Microfinance annual report
https://amanmicrofinance.com/wp-content/uploads/2021/09/Final-MF-Annual-ENG-1.pdf
Raya description of Aman for Microfinance
https://www.rayacorp.com/business-lines/aman-for-microfinance/
Raya Holding financials
https://www.rayacorp.com/investor-relations/financial-overview/
National Bank of Egypt homepage
https://www.nbe.com.eg
Prime Asset Management webpage
https://primeholdingco.com/asset-management/
Prime Holding homepage
https://primeholdingco.com
National Bank of Egypt annual report
https://www.nbe.com.eg/AssetsManager/788fe52f-8740-4047-bd62-c32f4a925524.pdf
Previous MicroCapital article on National Bank of Egypt
https://www.microcapital.org/microcapital-brief-etisalat-national-bank-of-egypt-mastercard-to-launch-mobile-money-service-in-egypt/
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