Tamweely launches first microfinance chatbot to support entrepreneurs amid COVID19 crisis

Doaa A.Moneim , Monday 14 Sep 2020

 Amr Abou El-Azm

Tamweely Microfinance, in partnership with MerQ Artificial Intelligence, has launched the first microfinance Chatbot, a virtual assistant that helps clients resolve their inquiries by having conversations with them, Tamweely announced on Monday.

“Given that a number of reports position Egypt in ninth place for the contribution of artificial intelligence (AI) to GDP by 2030, Tamweely took it upon itself to pave the way for AI inclusion in Egypt’s microfinance sector,” chairman and CEO of Tamweely Amr Abou El-Azm said.

He stated that the new chatbot is called “Fahim”, which comprehends human communication and enhances its clients experience, adding that it provides clients with information related to the financial services and products offered by the company in addition to branch locations using attractive visuals. Through the chatbot, users can apply for loans and job vacancies and start the application process.

“It is available 24/7 and works through Tamweely’s social media platforms. It is reliable and accurate in terms of providing information and effective in dealing with routine and frequently asked questions. Furthermore, clients can communicate with Tamweely chatbot using text messaging or voice command,” according to Abou El-Azm.

“We strongly believe in the necessity of developing e-services, especially post-coronavirus outbreak. Our latest leap is launching the AI-enabled chatbot to allow more accessible services for current and potential clients, while reinforcing the precautionary measures. Tamweely’s virtual financial assistant is developed by MerQ, a leading company in developing chatbots for the financial sector, adopting the latest innovative solutions,” said Tamweely Microfinance CEO Ahmed Khorched.

Tamweely Microfinance is a non-banking financial institution registered under the Financial Regulatory Authority (FRA). It was founded in 2017 with issued capital amounting to EGP 75 million, and began operating in 2018 to empower young entrepreneurs, women, and craftsmen through financing their micro enterprises.

MerQ previously launched the “Sally” programme, the first virtual financial assistant for credit cards in Egypt. The programme responded to the inquiries of nearly 350,000 users, with nearly 50 million messages.

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