Forty million customers a month is a number that gets attention, even in a market of 110 million. For AMAN Holding, the Egyptian fintech super app, it is the baseline. The company reported EGP 17 billion in gross transaction value across 145 million transactions in the first quarter of 2025 alone [Zawya, 2025]. It is a nine-year-old subsidiary of publicly traded Raya Holding, operating at a scale that defines the local landscape.
Founded in 2015 by Mohamed Wahby and Hazem Moghazi, AMAN has built a multi-surface financial utility. Its app bundles bill payments, e-commerce, charity donations, and gaming. Offline, it operates a network of 200 microfinance offices and 230 retail stores, supported by over 250,000 point-of-sale terminals [Forbes Middle East, 2024].
The bet on embedded finance
AMAN’s core thesis is that transaction volume creates a proprietary dataset for credit. Its nano-financing program has already extended credit to more than 4,000 merchants [Mubasher Info, 2025]. A more recent push into Islamic finance aims to tap a religiously observant segment that avoids conventional interest-bearing products [Forbes Middle East, 2024].
AMAN Securitization, a subsidiary, has concluded multiple bond issuances to fund its consumer finance book. The most recent was a EGP 665.5 million securitization in June 2025 [ENT News, 2025], following a EGP 928 million issuance earlier [Arab Finance].
Scale versus scrutiny
The company reports 40 million monthly customers [Forbes Middle East, 2024] but only 840,000 app users as of 2024 [Forbes Middle East, 2025]. This suggests the vast majority of its volume still flows through its physical agent network and POS terminals. The bet is that the app can become the primary interface, increasing engagement and data density.
| Competitor | Primary Focus | Notable Traction |
|---|---|---|
| MNT-Halan | Microfinance & Mobility | Egypt’s first unicorn, serving millions of unbanked customers. |
| Fawry | Digital Payments | Publicly listed, processes billions in transactions annually. |
| Khazna | Digital Banking & Salary Advances | Backed by major regional investors. |
| Paymob | Merchant Payment Gateway | Powers SMEs across the region. |
AMAN’s differentiator is its integrated model, combining offline distribution, a growing digital app, and in-house lending capital. As a 76%-owned subsidiary of Raya Holding [Forbes Middle East, 2024], its strategic moves are tied to a corporate parent, providing stability but potentially capping the explosive growth trajectory that attracts Silicon Valley-style venture funding.
The next twelve months
For Co-CEO Mohamed Wahby, the roadmap is clear: deepen the financial services stack and likely expand the securitization program. AMAN Holding reported revenues of EGP 6.4 billion for 2024 [Mubasher Info, 2025]. With Raya Holding as its anchor investor and the capital markets funding its lending, the question is whether a corporate-backed fintech can out-innovate venture-funded rivals to own the Egyptian consumer’s entire financial life.