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Press Release

Tanmeyah Partners with PayTabs Egypt to Fully Digitize Collections for the First Time

The collaboration is a key milestone in Tanmeyah’s digital transformation. It falls under the microfinance leader’s overarching strategy to provide small business owners with vital access to financing and integrated solutions for growth

Cairo, November 7, 2022

Tanmeyah for Microfinance Services, a subsidiary of EFG Hermes Holding and one of Egypt’s leading providers of microfinance solutions, and PayTabs Egypt, a  subsidiary of EFG Hermes Holding and MEASA’s award-winning payment powerhouse, announced today that the companies have forged a strategic alliance to digitize Tanmeyah ‘s payment collection through PayTabs Egypt’s secure payment gateway. 

The collaboration aims to fast-track Tanmeyah‘s digital transformation strategy by allowing clients to access online payment collection. It will also offer the microfinance leader direct access to PayTabs Egypt’s microbusinesses and freelancers to grow their own borrower bases. As Egypt’s premiere digital payments platform, PayTabs Egypt will help Tanmeyah businesses and individuals make payments securely and smoothly with the integration into the microfinance players’ infrastructure. This will also allow Tanmeyah to accept collections from other platforms such as Fawry and OPay, among many other providers.

Commenting on the partnership, Hossam AlNaggar, CEO of Tanmeyah said, “It’s an exciting moment for us to be taking this pivotal step in our digital transformation strategy with PayTabs Egypt. It’s proof positive of the tangible impact the group’s NBFI platform has as an engine for growth for people and businesses. As Egypt’s fastest-growing provider of integrated microfinancing solutions, digitization is fundamental for our sustainable growth and solidifies our role in financial inclusion and supporting economic development in the country. Our goal is to help more people access opportunities, build their businesses, and cope with financial pressures. The collaboration between our companies will only serve to further empower the people we have worked for years to serve through our traditional brick-and-mortar structure.”

As of 2Q2022, the microfinance leader had extended loans to more than 400 thousand active borrowers serving them through more than 300 branches across 25 Egyptian governorates with an outstanding portfolio exceeding EGP 4 billion.

Digitizing Tanmeyah ‘s payments will elevate the user experience, appealing to a substantial part of the population that is tech-empowered and seeking digital solutions made possible by strong mobile and internet penetration and a rising adoption of affordable smart phones. The partnership provides Tanmeyah with a secure, instant, and streamlined collection process that is easily reconciled and promotes cashless transactions across the economy. 

On a wider level, the collaboration falls within EFG Hermes Holding’s strategy to build an end-to-end financial solutions ecosystem by building businesses and forging alliances between them to provide clients with seamless and progressive financial solutions that help people live better lives and grow better businesses. It will additionally fuel the joint goal of both Tanmeyah and PayTabs Egypt in contributing to economic growth by aligning with the UN’s Sustainable Development Goals (SDGs) and enabling more segments of the population to access capital and financing efficiently and securely. 

PayTabs’ Regional Head for Africa and the GCC, Hany Soliman, said, “We’re thrilled to be part of Tanmeyah‘s digital transformation journey and to be enabling cashless transactions for one of the country’s leading microfinance players to drive economic growth. Since 2020, digital adoption has been growing exponentially in Egypt, and our mission is to digitize payments in a way that is faster, easier, and more secure. Through solid partnerships like this one, PayTabs Egypt is becoming the country’s next generation payments platform, expanding our reach to the unbanked and underserved. As part of EFG Hermes Holding’s NBFI ecosystem, both PayTabs Egypt and Tanmeyah aim to create long-term value for the people who rely on our services every day.”

The partnership is the first of many planned collaborations between Tanmeyah and PayTabs Egypt, with joint projects in the pipeline slated to enhance both platforms’ offerings. By providing integrated financial service solutions to some of the most marginalized communities, Tanmeyah will continue to encourage small businesses to join the formal market by offering larger microfinance loans to companies that are licensed and registered, in addition to fostering female empowerment and combatting poverty by offering smaller sums to borrowers with unregistered businesses and serving low-income communities.

Both PayTabs Egypt and Tanmeyah made new launches this year that specifically contribute to digital adoption and leverage cross-selling, with PayTabs Egypt launching social commerce payment platform, Paymes, to enable micro merchants to receive payments over social media platforms in the MENA region. Meanwhile, Tanmeyah concluded its acquisition of Fatura, a fast-growing tech-driven Business-to-Business (B2B) marketplace platform with a regional footprint to extend innovative solutions to its network while expanding its customer base through Fatura’s retailers, wholesalers, and manufacturers. 

– ENDS –

About Tanmeyah for Microfinance Services

Tanmeyah for Microenterprise Services is a leading company in providing a range of microfinance solutions in Egypt. Tanmeyah was established in 2009 and, since inception, has achieved rapid growth to become one of the leading entities in the field of working capital financing for owners of low-income generating projects. The financing programs offered provide owners of microenterprises with the necessary support to develop their businesses and projects, which contributes to elevating the surrounding communities. Tanmeyah facilitates access to finance in underprivileged areas through its branches present in many governorates, and it consistently seeks to expand geographically by opening new branches in rural and urban areas in Upper Egypt and Delta governorates. Tanmeyah’s financing programs start from EGP 1,000, allowing us to support low-income businesses, driving economic growth throughout Egypt and improving the standard of living for citizens.  The company continues to focus on growth and drive financial inclusion in Egypt despite local and global challenges. Since 2021, Tanmeyah has been actively pushing towards greater digitalization as part of Egypt’s efforts towards achieving increased financial inclusion. On that front, Tanmeyah has launched several applications offering digital services and online payment services to customers, enabling Tanmeyah to reach a wider customer base. Since inception, Tanmeyah has issued over 2 million financing facilities of various types and sizes to low-income generating projects across Egypt.

Learn more about us at www.tanmeyah.com & stay connected with us.   

About PayTabs Egypt

PayTabs Egypt Solutions is Egypt’s most innovative provider of digital payment solutions. The company is a joint venture between PayTabs, MENA’s award-winning provider of fintech and B2B payment solutions, and EFG Hermes, the leading financial services corporation in frontier emerging markets (FEM). PayTabs Egypt provides merchants with the market’s leading online payment gateway solutions. It further supports multiple digital payment options, white labelling platforms and a range of e-commerce, m-commerce, and social commerce solutions.

PayTabs is an award-winning payments solutions powerhouse founded by Saudi entrepreneur Abdulaziz Al Jouf.Having processed the first live payment gateway transaction in June 2014, today PayTabs processes transactions in multiple currencies and markets, swiftly and securely. Using API plugins, PayTabs facilitates seamless e-commerce, m-commerce, and social commerce solutions for merchants and super merchants to ‘plug and play’ payment features on to their websites.

Originally backed by Saudi Aramco’s “Waed” and later by private Saudi investment, over the years, PayTabs has in-built and exported a full stack of game changing solutions. These include mobile applications, hospitality, governmental, education, airline, travel, transport, and biller solutions, to interlink the multi-billion-dollar enterprise market chain in the MENA region. 

In 2021, PayTabs launched PT Touch, the first soft POS solution in the MENA market to transform smart phones into merchant point of sale (POS) terminals. In 2022, PayTabs made a leapfrog move to pioneer next generation payments, by launching its home owned, globally validated unified payments and next generation transaction processing platform - PayTabs SwitchOn®.

A proven game changer in the global payments space, PayTabs has dedicated offices in the GCC including the UAE & Saudi Arabia and presence in many other locales including Turkey, India, and Egypt. The company is an equal opportunities employer with a diverse and multi-cultural team comprising of several nationalities.

For more milestones visit https://site.paytabs.com/en/

For further information, please contact:  

The EFG Hermes Holding Public Relations Team

PublicRelations@EFG-HERMES.com

May El Gammal

Group Chief Marketing & Communications Officer of EFG Hermes Holding 

melgammal@efg-hermes.com 

Note on Forward-Looking Statements

In this press release, EFG Hermes Holding may make forward looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Hermes Holding’s belief regarding future events, many of which, by their nature are inherently uncertain and are beyond management’s control and include among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending, and future legislation, regulations, and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.