Selection Egypt

Aman Company for Financing Micro Projects 

Aman digital application is a project by Aman Holding/Aman micro financing that aims to empower Egyptian youth and women by providing financial services, financial education, and entrepreneurial support. By offering tailored products and fostering financial literacy, they aspire to enhance youth employability, promote women’s economic empowerment and drive positive socio-economic change in the community.  

The Problem

In Egypt, women remain disproportionately excluded from the formal financial systems. Although 70% of rural women in Egypt are interested in accessing financial products, only 27% of them have a formal financial account. This keeps a large number of women from obtaining basic financial services, such as savings accounts, loans and insurance.

Having access to financial resources is a key condition for women’s economic empowerment, as it provides them with more financial independence and emancipation. Currently many Egyptian women are relying on informal financial practices, such as borrowing from family and friends, rotating savings and credit associations (ROSCAs), or engaging with local moneylenders. While these practices provide some level of financial support, they are often unreliable, costly, and lack the necessary infrastructure for sustainable economic growth.

Women are also more likely than men to use financial products for productive purposes, such as starting a business or investing in agriculture. Therefore, Aman Company for Financing Micro Projects will introduce Aman Digital Application, a project focused on socio-economic development in Egypt. 

The Solution

Egypt is currently undergoing a rapid digital transformation. This gives Aman Digital application ample opportunity to introduce digital financial services that are easy to access and use for young people and, in particular, young women. 

The objective of Aman digital application is to empower Egyptian youth and women by providing them financial services, financial education, and entrepreneurial support. This will be done by prioritising the following efforts: 

  1. Aman Digital Application will enhance financial inclusion for youth by providing user-friendly digital financial services, especially for young women. This will empower them to engage in entrepreneurial endeavours and create new and self-sustaining employment opportunities. Entrepreneurship is one of the key drivers in economic growth in Egypt and supporting youth in this journey will lead to more jobs.
  2. Aman Digital Application will contribute to women’s emancipation through financial literacy by providing financial education that equips them in making informed financial decisions. This will help youth to manage their finances efficiently and further increase their opportunities for sustainable employment.
  3. Aman Digital Application will offer support for women which is tailored to best fit the needs of each individual situation.   

Additionality

With the funding from CFYE, Aman Digital Application can develop its technology, and thus create a fully digital application. The current turmoil in the Egyptian economy further increases the urgency and need of the CFYE funding, which will allow Aman Digital Application to significantly mitigate the financial risks that come with a project of this nature. Together with CFYE, the project aims to create and improve over 13,000 jobs, of which more than half will be for women.  

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