Tanmeyah Micro Enterprise Services has entered into an agreement with the Arab African International Bank (AAIB) to offer money transfer and ATM services in Egypt. Microenterprise specialist Tanmeyah, a Western Union agent in Egypt, and the AAIB, will offer the services throughout 30 of Tanmeyah's branches spread across the country. Tanmeyah CEO Amr Abu al-‘Ish said that the service has already been launched at 12 branches of the company so far, with four new ATMs currently being used to provide a number of banking services for the AAIB's customers. Abu al-‘Ish added that his company is currently holding negotiations with two other banks to provide money transfer services through its branches, but that no agreements have been reached thus far regarding these. Tanmeyah has a total of 104 branches spread throughout Egypt, with the company's current investments totalling EGP 250m. According to Abu al-‘Ish the company aims to pump some EGP 400m during the year in order to maintain its investment portfolio, adding that by the end of last month, the company had a total of 79,000 customers, which it aims to increase to 100,000. He added that Tanmeyah's total investments since the company was launched stood at EGP 1.4bn, and that the company aims to boost this to EGP 1.8bn by the end of the year.
