Tamweely Microfinance to launch seven new branches through partnership with National Postal Authority

Tamweely Microfinance is launching seven new branches in National Postal Authority (NPA) offices throughout Egypt as part of a partnership between the two organizations, it said in a statement (pdf). The new branches will be set up in Beni Suef, Minya, Sohag and Qena, bringing the total number of Tamweely branches in Egypt to 35. These expansion efforts follow a recent capital increase to 75 mn from EGP 50. The new branches are set to start operating from early October, and the company has allocated some EGP 7 mn as funding for 3.5k new clients through the branches, said CEO Ahmed Khurshid.