Tanmeyah Microenterprises, Egypt’s leading provider of microfinance solutions, announced today that it is extending a number of facilities and solutions to clients to help them mitigate the impacts of he COVID-19 crisis on their business. These include:
• Lowering the value of installments by 50% for April, May, and June and postponing the rest to the end of the financing period without any change in interest.
• Doubling loan tenors.
• Allowing clients to pay 90%-10% of installments depending on their financial standing and rescheduling the rest.
• Exempting clients who opted to settle early in April 2020 from commissions
• Lowering fines for late payments.
Tanmeyah CEO, Amr Abouesh, commented: “Tanmeyah was founded on a single premise: to provide Egyptians traditionally marginalized by traditional banking channels with the tools to improve both their lives and the communities they live in by extension. As such, this is the very least we could do to support these individuals during a time where businesses of all sizes and people of all walks of life are feeling the financial impact.”
As Egypt’s second largest microlender, Tanmeyah Microenterprises continues to grow in size and scope with each passing year as it works to target customers across Egypt — from the Nile to the Delta. In 2019, Tanmeyah had 271 operational branches catering to the needs of over 360,000 borrowers in 24 of the 27 Egyptian governorates.