Tanmeyah, a subsidiary of EFG Holding and a leading provider of financial services in Egypt with a concerted focus on micro and small enterprise segments, has entered a strategic certification agreement with COFICERT France to attain the prestigious AML 30000 certification. This international standard represents the pinnacle of anti-money laundering (AML) and counter-terrorism financing (CTF) compliance. It also serves as a valuable complement to government regulation, fostering a more secure and resilient financial ecosystem both domestically and internationally. With the backing of the International Group for Sustainable Finance (IGSF), this agreement will enable Tanmeyah to solidify its position in the microfinance sector in the region. This milestone will not only enhance Tanmeyah’s robust AML/CTF framework but also reinforce its commitment to ethical and responsible financial practices.
Microfinance institutions serve as vital bridges between the private sector and civil society, empowering individuals and communities through financial inclusion. By providing access to essential financial services, microfinance institutions contribute significantly to poverty reduction. Given their role in fostering economic development, it is imperative that MFIs implement robust anti-money laundering (AML) and counter-terrorism financing (CFT) measures. The unique operational context of microfinance institutions, characterized by geographical and economic factors, exposes them to heightened AML/CFT risks. To mitigate these challenges, they must fully comply with the stringent regulations imposed on all financial service providers.
Jinu Johnson, Chief Executive Officer and Managing Director of Tanmeyah, highlighted the significance of this initiative. “Our commitment to the highest AML standards is more than a regulatory requirement; it is crucial for strengthening our credibility, managing risks effectively, and ensuring regulatory compliance. By adhering to stringent AML practices, we will continue to build trust with our clients, investors, and regulatory bodies. Additionally, we will protect the vulnerable individuals we serve, preventing exploitation and upholding the highest ethical standards in our operations.” Implementing robust AML measures is essential for our growth and enhancing our impact in the microfinance sector,” said Johnson.
Tanmeyah’s enrollment in the AML 30000 certification process is commendable and inspiring for the entire financial sector,” said Cristian Mocanu, Secretary-General of COFICERT. If compliancy will be revealed during the evaluation process, Tanmeyah will be granted a three-year certificate of conformity, subject to annual follow-up evaluations, allowing it to join the ranks of certified institutions committed to best AML/CTF practices, and to set a strong example for other NBFIs in Egypt and the region.
COFICERT is a globally recognized French certification body with a strong track record in financial and non-financial standards. Operating in nearly 40 countries across three continents, COFICERT collaborates closely with international certification and standardization organizations. Their team of experts in governance, financial crime, and sustainable finance ensures rigorous certification processes. COFICERT offers certifications in key areas such as good financial governance (MSI 20000), social responsibility (ESG 1000), anti-money laundering and counter-terrorism financing (AML 30000), and anti-corruption (ISO 37001).
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About Tanmeyah:
Tanmeyah is one of Egypt’s leading providers of financial services with a concerted focus on the micro and small enterprise segments. Founded in 2009 and acquired by EFG Holding in 2016, Tanmeyah quickly became Egypt’s pioneer in responsible financing for lower-income enterprise owners with limited access to capital. Tanmeyah’s loans for this crucial population segment enable small entrepreneurs to launch and grow their businesses and support their surrounding communities. Tanmeyah directs its financing towards high-demand areas and individuals through branches in the heart of its communities, mainly in the Delta and Upper Egypt. It also offers products and services that complement the diverse needs of small businesses, such as individual lending for women and light vehicle loans. The company seeks to fuel economic growth, provide pathways out of poverty, and improve local living standards.
Tanmeyah has issued around three million financing facilities of various types and sizes. It currently serves nearly 30,000 new clients monthly through its network of over 305 branches and approx.—5,000 employees in 25 governorates.
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COFICERT is a French certification body, specialized in financial and non-financial certifications, operating in nearly 40 countries over three continents. COFICERT operates historically with and alongside international certification and standardization bodies. The organization brings together experts in governance, financial crime and sustainable finance. COFICERT certifies on the following topics : good financial governance (MSI 20000), social responsibility (ESG 1000), the fight against money laundering and the financing of terrorism (AML 30000) and the fight against corruption (ISO 37001).
The AML 30000 Standard (AML for Anti-Money Laundering – index 30000) is the international standard dedicated to the fight against money laundering, the financing of terrorism and the proliferation of weapons of mass destruction (AML/CFT); intended for financial institutions and certain non-financial businesses and professions, designated as “subject persons” by the FATF. Certification to the AML 30000 Standard aims to protect and reassure the various stakeholders against the risks of money laundering and terrorist financing. The standard is governed internationally by the IGSF (International Group for Sustainable Finance).
