Cairo: Yesterday Team Menthum announced the launch of an innovative digital savings solution in Egypt. A first-to-market mobile app that makes saving simple, smart and secure.
Menthum brings together a new product concept, innovative workflow and money market fund to create a complete customer experience (CX). Egypt’s first purpose-built digital money market fund, also known as the “Menthum Money Market Fund”, invests in safe Egyptian Government Treasury Bills (T-bills).
The product is the brainchild of a team of veteran professionals with extensive experience in banking and finance: Himanshu Shrimalico-founder and CEO of Menthum Holding, headed the retail banking division of a large Egyptian bank, e Ismail Sarhankco-founder and COO, held a leadership role in the financial services industry.
Speaking at the product launch, Himanshu Shrimali explained the motivation for devising a new savings solution “We work hard to make money. Our money should work hard for us too! While we want a better return on our money, we care even more about its safety. Menthum was created to achieve a solid return on our cash savings, while providing complete peace of mind. We firmly believe that a product created to respond to a deeply felt personal need will positively add value to the lives of fellow Egyptians”.
Offering an overview of the cash savings market offerings, Ismail Sarhank said, “We all keep some of our cash in cash, for our short to medium term needs and goals, whether it be tuition, health care or a car, a house or a vacation. However, a typical bank account in Egypt pays low interest on liquid savings, ranging from 4 to 6% per annum. This fee is usually based on your account balance. Few banks offer daily interest accounts and require a large balance to earn good interest.
Sarhank added: “A money market fund, which is as safe as a bank account from a credit risk perspective, can earn returns of up to 10% per annum or more in the current interest rate environment and that is how Menthum made this process simple, smart and safe.”
“From our experience, we felt the need to create a hassle-free, customer-centric savings solution that first and foremost ensures the safety of money, while ensuring ease of use. So, we created Menthum, ‘A new way to make money’. The word ‘chin’ (inspired by the Latin for ‘mint‘) denotes a ‘Fresh’ way to save, manage and add value to money,” Himanshu explained.
Basically, Menthum is a simple, smart and safe way to save money. Customers can download the mobile app from the comfort of their home/office and complete the registration process in less than a minute. The Menthum team then visits the client to complete the Know Your Customer (KYC) requirements and to obtain the signature. Soon after, their Menthum account is activated. After the completion of this process, customers are free to add money; no minimum amount limits. Clients earn daily returns as soon as their money is credited to their Menthum account. There is no lock-in period. Therefore, customers can withdraw money at any time.
“With the country’s growing dynamism and growing demand for innovative products that add more value to our lives in a safe way, we feel Egyptians are at an inflection point to embrace change and pioneering ideas,” Himanshu noted. “We hope to play a significant role in improving financial inclusion in Egypt by expanding the availability of innovative savings solutions to a broader base of Egyptians.”
“We thank the Azimut team led by Ahmed Abou El Saad, who quickly understood our vision and worked with us to build the country’s first digital fund”. Shrimali and Sarhank concluded, “We would also like to express our sincere gratitude and appreciation to the regulator of Menthum, the Financial Regulator Authority (FRA) of Egypt for his pragmatic approach and proactive support. They certainly make the speech when they say Building bridges, not walls!”
- Menthum Holding for Financial Investments SAE is authorized and regulated by the Financial Regulatory Authority (FRA) of Egypt.
- Menthum Money Market Fund is licensed and regulated by the Financial Regulatory Authority (FRA) of Egypt.