NI Capital’s Tamweely receives temporary microfinance license

The Financial Regulatory Authority (FRA) awarded Tamweely a temporary microfinance license, with the company looking to launch operations “in the next few days,” said Chairman Amr Abul Azm. The company expects to receive the final license before the end of 1Q2018, Abul Azm said in a statement (pdf). Tamweely was established in August by state-owned investment bank NI Capital with an initial investment of EGP 50 mn.