Aman for Microfinance Launches First Savings Investment Fund With Total Capacity of EGP 100 MlnSource: www.export-egypt.com 6/15/2022, Location: Africa |
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Aman for Microfinance, a subsidiary of Aman Group owned by Raya Holdings and the National Bank of Egypt, launched a new investment fund titled Aman Youm-B-Youm (Day by Day) with a total investment value of EGP 100 million, EGP 25 million of which are for the subscription phase.
The fund was established in partnership with Prime Investments-Asset Management as a saving fund targeting individuals who do not have bank accounts as well corporations. The fund provides a daily return on investment (ROI). Speaking to Ahram Online, CEO of Aman Financial Services Hazem Moghazy said that the fund mainly plans to invest in Treasury bills (T-bills), which are considered the lowest-risk investments. He added that the fund, which will launch a subscription campaign within a few days, allows clients to deposit or withdraw money around the clock. “We expect to cover the total capital of the fund within a few days of launching the subscription campaign. Once this capital is reached, the benefits for clients on their deposits could reach over 8 percent, which is the highest interest rate in the local market,” Moghazy explained to Ahram Online. He added that the fund is expected to reach EGP 100 million in investments within its first year, with the overall trend by individuals to save money amid the ongoing global economic challenges and high inflation. Legally, Aman is one of the very first companies to obtain the License of the Financial Regulatory Authority (FRA) to establish such a daily investment fund. “Observing the average of the individuals integrated in the banking sector, we noticed that they barely form 56 percent. This is represented in individuals acquiring or benefiting from bank accounts, e-wallets, and payment cards. This figure confirms 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 SME finance,” Moghazy said during the fund launching event that took place . For his part, Aman CEO Ahmed Al-Khatib said that the fund facilitates the saving process as it only requires the national ID to save or invest in the fund and receive a tax-free competitive ROI on a daily basis, which follows a safe investment policy protecting capital. Moreover, the service is built around clients’ needs, in which they deposit or withdraw through Aman’s vast network of branches that extends to 350 stores and over 150,000 points of sales all over Egypt. |
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