Menthum has announced the debut of an innovative digital saving solution – a simple, intelligent, and secure smartphone app that simplifies saving in Egypt. Menthum combines a revolutionary product concept and a money market fund to offer an all-encompassing consumer experience (CX). The “Menthum Money Market Fund,” the first purpose-built digital money market fund in Egypt, invests in secure Treasury Bills issued by the Egyptian government (T-Bills).
Speaking at the product launch, Himanshu Shrimali, Co-Founder & CEO of Menthum Holding said, “We work hard to make money. Our money should also work hard for us! While desiring a better return on our money, we care for its safety even more. Menthum was created to earn solid returns on our liquid savings while ensuring peace of mind. We strongly believe that a product created to address a strongly felt personal need will positively add value to fellow Egyptians’ lives”.
Offering an overview of the market offerings for liquid savings, Ismail Sarhank, Co-Founder & COO said, “We all keep a part of our money in liquid form, for our short to medium-term needs & goals – be it school fees, health expenses or a car, a house or a holiday. However, a typical bank account in Egypt pays low interest on liquid savings, in the range of 4 to 6% annually. This rate is generally based on the account balance. Few banks offer daily interest accounts and require a high balance to earn good interest.”
Sarhank added, “A money market fund, which is as safe as a bank account from a credit risk perspective, can earn returns upwards of 10% annually or more in the current interest rate environment and that’s how Menthum made this process simple, smart and secure.”
Customers can register for the service in under a minute by downloading the mobile app from the convenience of their home or place of business. The Menthum team then pays a visit to the client to fulfil the Know Your Client (KYC) criteria and get their signature. They then immediately have access to their Menthum account. Customers can easily add money after this process is complete without a minimum addition amount constraint. Once their money is credited to their Menthum account, customers start earning daily returns. Customers can withdraw money whenever they want because there is no lock-in period.