Financial services provider Tanmeyah has entered a strategic partnership with Gulf Insurance Group Egypt (GIG-Egypt) to offer micro-insurance solutions, reported Zawya.

This alliance will enhance Tanmeyah’s commitment to financial empowerment and inclusion.

Tanmeyah received the necessary regulatory approvals from Egypt’s FRA to enable the launch of a diverse array of micro-insurance products that are said to be affordable.

The new insurance offerings provided under the collaboration encompass personal accidents, businesses, health, livestock and roadside assistance, among others.

The initiative is aligned with Tanmeyah’s mission to extend financial services to underserved segments of the population.

Tanmeyah is an EFG Holding subsidiary. 

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By GlobalData

EFG Holding reported consolidated net profits of E£2.09bn ($675m) in the first nine months of 2023, up from E£1.28bn a year ago, inclusive of minority interest.

Tanmeyah CEO and managing director Jinu Johnson was quoted by Zawya as saying: “Our goal is to create a safety net for our valued customers, enabling them to manage risks effectively and protect what matters most.

“This partnership is a testament to our dedication to making a meaningful difference in the lives of those we serve.”

GIG managing director Alaa El-Zoheiry said: “This strategic alliance is poised to deliver multiple advantages, with increased financial inclusion at the forefront.

“By leveraging Tanmeyah’s extensive branch network, we will work to bridge the gap in micro-insurance coverage for communities at large.”