Egyptian e-payments solutions company Fawry announced the release of the Tamweelak Fawry mobile app by its subsidiary Fawry Microfinance. Tamweelak Fawry, a digital loan request and tracking tool, enables existing micro and small businesses to apply for loans whenever and wherever it is most convenient, streamlining their financing process.
Another significant step toward Fawry Microfinance’s goal of digital transformation has been reached with the release of the Tamweelak Fawry app. The company’s commitment to increase financial inclusion in Egypt with the launch of the app is also fulfilled. This is done by providing loans for small businesses at affordable rates and using a sustainable strategy.
The simple registration and loan request processes offered by Tamweelak Fawry eliminate the need for time-consuming branch visits. Instead, customers can get loans and pay them back in a few simple steps. Users will also find explicit terms and conditions in the app’s product descriptions, which will increase service transparency. Additionally, the program provides a clever loan calculator to assist users in selecting the best option for their business needs. This flexible loan request process is made possible by the application’s ideal installment schedules. With these characteristics, the app becomes a vital resource for a significant portion of Egypt’s economic sector.
Several program features are made to reduce business risk and encourage sound financial management. The app helps to ensure that payments are always made on time by providing instant updates on the loan’s outstanding balance as well as automatic reminders for impending installments. The cybersecurity standards and multifactor authentication method used by Fawry make sure that only account owners may access their accounts. At the same time, the Company’s strict adherence to FRA rules ensures the highest level of protection for the user and financial data.
Alexander Levchenko, Chief Executive Officer, Fawry Microfinance, stated, “We are thrilled to introduce the Tamweelak Fawry app to the Egyptian market. The app marks yet another milestone in our efforts to create a digitalized platform for the market and drive financial inclusion by creating and distributing the most convenient financial tools. With Tamweelak Fawry, we’re one step closer to providing the benefits of accessible, fast, and secure financing for smaller projects in a way that guarantees maximum protection for businesses and individuals, while contributing to the social mission of achieving sustainable growth.”