AMAN for Microfinance, a subsidiary of AMAN Group, partners with Prime Investments-Asset Management to launch its first investment fund “AMAN YOUM-B-YOUM”, where saving accounts are made available to all social segments with a daily return on investment (ROI), and few simple steps. Through the launch, the company acts as a catalyst to accelerate the pace of achieving financial inclusion in line with Egypt strategic “Vision 2030”.
Legally, AMAN is one of the very first companies obtaining the License of the Financial Regulatory Authority (FRA) to establish its daily investment fund for consumers and enterprises, “AMAN YOUM-B-YOUM” to be co-managed in collaboration with Prime Investments. Additionally, the co-managed Fund is expected to receive investments of over EGP 25 million within the initial phase up to EGP 100 million concluding its first year.
Hazem Moghazy, CEO of AMAN Financial Services, stated: “AMAN is consistently exploring the best financial solutions to reinforce the values of financial inclusion along with ensuring the provision of its services to all Egyptians. 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, e-wallets and payment cards. 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 SME finance.”
“AMAN is keen on promoting the concept of cashless economy through reliable state-of-art financial services, to better reach the unbanked–encouraging saving activities among them; as well as adapting to the ever-changing market trends. Words into actions, we have launched our first investment fund ‘AMAN YOUM-B-YOUM’ with Prime to reflect such values, where we are expecting 20 thousand clients in the first year. This comes as a vital part of our strategy to diversify our non-banking services and shows our unwavering commitment towards financial inclusion besides supporting the CBE and FRA’s initiatives in this context.” Moghazy added.
Likewise, Ahmed Al-Khatib, CEO of the AMAN for Microfinance and Chairman of the Supervisory Committee of AMAN Investment Fund “AMAN YOUM-B-YOUM”, showcased the details of the service saying: “YOUM-B-YOUM service vastly improves the facilitation of the saving process as it takes only the National ID to start saving or investing in the Fund to receive a tax-free competitive ROI on a daily basis, which follows a safe investment policy protecting capital. Moreover, the 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 150K POS all over Egypt.”
Mohamed Wahby, CEO of AMAN e-payment, said: “Fintech is the essence of providing safe financial services in the fastest and most accurate manner which accelerates the pace of achieving financial inclusion. Therefore, I strongly believe that AMAN’s Investment Fund is going to be favoured by many clients for its exceptional accessibility in terms of registration and further digital transactions through AMAN’s Points of sale.”
As for Prime Investments, Ghada AlKady, Managing Director at Prime Investments-Asset Management, explained: “Today, Prime welcomes AMAN’s Investment Fund “YOUM-B-YOUM” as it joins our prominent list of the investment funds that we monitor, for the company supervises a number of similar portfolios for governmental entities, banks and private insurance funds. Additionally, Prime Investments is one of the leading asset management companies in the Egyptian market with experience spanning over 25 years since its establishment in 1995 in conjunction with the emergence of asset management activities in Egypt.”