Paymob, a leader in digital payment technology, has signed a tripartite cooperation agreement with Tamweely Microfinance,, and the Arab Women’s Enterprise Fund (AWEF), with the aim of increasing financial and digital opportunities for female entrepreneurs in Egypt, within the broader context of the #AcceptTheChange campaign.
The signing of the agreement was attended by Amr Abu Al-Azm, CEO and chairperson of Tamweely, Ahmed Khorshid, CFO and Managing Director of Tamweely, Islam Shawky, CEO and Managing Director of Paymob, and Chloe Gueguen, Financial Inclusion Director at AWEF.
The #AcceptTheChange campaign will initially aim to empower 250 female merchants (and their female clients) by availing e-payment solutions that will allow selected entrepreneurs to further benefit from Egypt’s booming digital economy.
Ultimately, such e-payment solutions will aim to empower a larger audience of female consumers, by providing them with greater payment choices, additional convenience, and the ability to generate valuable transaction records for future credit purposes.
Generally speaking, the #AcceptTheChange social media campaign demonstrates how Fintech companies are now adapting their marketing strategies to specifically meet the needs of female entrepreneurs, who are increasingly interacting via digital platforms such as Facebook or Instagram.
Shawky expressed his happiness in cooperating with the broader digital finance ecosystem – including microfinance institutions, banks, mobile network operators, and development agencies – to jointly advance women’s economic opportunities in Egypt.
Paymob has, in fact, developed a range of Fintech solutions that aim to support the needs of micro, small, and medium-enterprises, a segment which currently remains underserved.
As part of this partnership, the AWEF – which is a development programme financed by the British Department for International Development – will provide technical and financial assistance to Paymob, while Tamweely Microfinance will facilitate linkages with their client base of female-owned microbusinesses, thus enhancing their business strength and growth potential.
Abu Al-Azm also shared his company’s ambition to further enhance the capabilities of female entrepreneurs, who currently represent 42% of Tamweely’s customer base. Abu Al-Azm rightly pointed out that women represent a key segment for Tamweely, due to their higher propensity to repay their loans.