AMAN Holding

Cover Block

Name	AMAN Holding
Tagline	Egyptian fintech super app for e-payments, e-commerce, microfinance
Headquarters	Egypt
Founded	2015
Stage	Growth / Late Stage
Business Model	B2C
Industry	Fintech
Technology	Software (Non-AI)
Geography	Middle East / North Africa
Growth Profile	Venture Scale
Founding Team	Co-Founders (2)
Funding Label	Undisclosed

Links

• Website: https://aman.eg/
• LinkedIn: https://www.linkedin.com/company/aman-holding-for-financials

What an Investor Needs First

AMAN Holding is an Egyptian fintech super app that has achieved a dominant position in its home market, serving a reported 40 million monthly customers and processing over $1.3 billion in gross transaction value in 2023 [Forbes Middle East, 2024]. Founded in 2015, the company operates as a subsidiary of publicly traded conglomerate Raya Holding, which owns a 76% stake [Forbes Middle East, 2024].

Its core offering bundles e-payments, e-commerce, bill payments, and microfinance into a single application, a model that has reportedly attracted over 200,000 merchants and facilitated more than 145 million transactions in the first quarter of 2025 alone [Zawya, 2025]. The founding team, led by co-CEOs Mohamed Wahby and Hazem Moghazi, has built the business through a substantial physical footprint of microfinance offices and retail stores. The business model generates revenue from transaction fees, consumer finance, and securitization activities, with reported revenues reaching EGP 6.4 billion in 2024 [Mubasher Info, 2025].

Data Accuracy: YELLOW -- Key metrics are reported by regional business press but lack independent corroboration from global financial disclosures.

Taxonomy Snapshot

Axis	Classification
Stage	Growth / Late Stage
Business Model	B2C
Industry / Vertical	Fintech
Technology Type	Software (Non-AI)
Geography	Middle East / North Africa
Growth Profile	Venture Scale
Founding Team	Co-Founders (2)

Inside the Company

AMAN Holding was established in 2015, with operational subsidiaries launching the following year [LeadIQ]. The company operates as a subsidiary of publicly traded conglomerate Raya Holding, which holds a 76% stake [Forbes Middle East, 2024].

Key milestones trace the buildout of its integrated financial services platform. The initial AMAN for E-Payments service launched in 2016, followed by the introduction of consumer finance and microfinance arms [LeadIQ]. By 2023, the company reported a gross transaction value of $1.3 billion and served 40 million monthly customers [Forbes Middle East, 2024]. Recent developments include a strategic push into Islamic and nano-finance products [Forbes Middle East, 2024] and the use of securitization bonds to raise capital for its lending operations, with a third issuance of EGP 665.5 million completed in June 2025 [ENT News, 2025].

Data Accuracy: YELLOW -- Core founding date and corporate relationship are cited, but specific milestone dates and entity details rely on a single secondary source.

Under the Hood

AMAN Holding's product is a fintech super app aggregating multiple financial and commercial services. The core offering centers on electronic payments and consumer finance, delivered through a network of physical retail points and digital channels [Forbes Middle East, 2024]. The app facilitates bill and utility payments, charity donations, and gaming, while the company's merchant network of over 200,000 outlets supports e-commerce transactions [Forbes Middle East, 2024].

The company processes a high volume of transactions, reporting EGP 17 billion across 145 million transactions in the first quarter of 2025 alone [Zawya, 2025]. A critical layer of the product suite is its expansion into credit, including microfinance, consumer installment plans, and specialized offerings like Islamic and nano finance [Forbes Middle East, 2024]. The nano-financing product alone has supported more than 4,000 merchants [Mubasher Info, 2025]. This credit business is supported by a securitization program, with AMAN Securitization issuing bonds to fund the consumer finance portfolio [Arab Finance] [ENT News, 2025].

The company reports 40 million monthly customers [Forbes Middle East, 2024]. Its dedicated mobile app shows more concentrated engagement, with over 1 million downloads as of late 2023 and more than 840,000 users reported in 2024 [Forbes Middle East, 2024] [Forbes Middle East, 2025].

Data Accuracy: YELLOW -- Product scope and key metrics are consistently reported by Forbes Middle East and regional financial press, but lack technical specification or independent audit.

Market Research

The Egyptian fintech market presents a combination of structural underpenetration and rapid digital adoption. A 2023 report by the Central Bank of Egypt noted that digital payments volume grew by over 50% year-on-year [Central Bank of Egypt, 2023]. AMAN Holding's serviceable market is defined by its operational metrics: 40 million monthly customers and over 200,000 merchants as of 2024 [Forbes Middle East, 2024].

Demand is driven by a large unbanked population, estimated at over 50% of Egyptian adults [World Bank, 2022], and smartphone penetration surpassing 40 million users [GSMA, 2023]. Government policy is a critical catalyst, with the National Payments Council pushing for a cashless economy and the Financial Regulatory Authority (FRA) introducing a regulatory sandbox for fintech innovation [Enterprise, 2022].

Metric	Value
Monthly Customers (2024)	40 million
Merchant Partners (2024)	200 thousand
App Users (2024)	0.84 million

Data Accuracy: YELLOW -- Market sizing relies on analogous regional reports and government statistics; company-specific scale metrics are sourced from a single regional publication.

Competition and Substitutes

AMAN Holding operates in a crowded Egyptian fintech arena. Primary competition comes from established financial technology platforms.

• Integrated payment and lending platforms. MNT-Halan combines digital payments, e-commerce, and lending services [Crunchbase].
• Pure-play payment processors. Fawry and Paymob operate large-scale digital payment networks, focusing on merchant services and bill payments [Crunchbase].
• Digital banking and wallets. Khazna targets a similar customer base with salary advances and wallet services [Crunchbase].

Company	Positioning	Stage / Funding	Notable Differentiator
AMAN Holding	Fintech super-app for payments, e-commerce, microfinance	Growth stage; subsidiary of Raya Holding	Physical retail network (230+ stores) integrated with digital app
MNT-Halan	Digital lender and payments platform for the unbanked	Late stage; $400M+ raised	Strong venture backing and aggressive customer acquisition focus
Fawry	Leading digital payments & e-commerce network	Publicly listed on EGX	Extensive ATM and banking agent network (FawryPlus)
Khazna	Digital financial platform for underbanked employees	Growth stage; $47M raised	Employer-integrated model for salary access and advances
Paymob	Payment gateway and infrastructure provider	Growth stage; $68.5M raised	API-first approach targeting online merchants and SMEs

AMAN's defensible edge is its hybrid distribution model, combining a large digital user base with a proprietary physical footprint of over 200 microfinance offices and 230 retail stores [Forbes Middle East, 2024].

Data Accuracy: YELLOW -- Competitor profiles and funding stages are sourced from Crunchbase; AMAN's positioning is corroborated by a single primary profile [Forbes Middle East, 2024].

Opportunity

The prize for AMAN Holding is the consolidation of Egypt's fragmented digital economy under a single, dominant financial and commercial super app. The company already serves a reported 40 million monthly customers [Forbes Middle East, 2024] and has established a physical footprint of 200 microfinance offices and 230 retail stores. The expansion into Islamic and nano finance [Forbes Middle East, 2024] targets underserved segments.

Scenario	What happens	Catalyst	Why it's plausible
Merchant Finance Dominance	AMAN's nano-financing becomes the primary working capital source for small merchants.	Scaling the securitization program to fund loan books.	The company already reported supporting over 4,000 merchants with nano-financing [Mubasher Info, 2025].
Regional Expansion as a Subsidiary	Leverages corporate parent Raya Holding's regional footprint to replicate the super app model.	A strategic capital allocation from Raya Holding to fund international launch.	As a 76%-owned subsidiary of a publicly traded conglomerate, AMAN has access to corporate capital [Raya Corp].
Embedded Finance for E-Commerce	AMAN's payment and credit solutions become the default checkout option for major retailers.	Securing a flagship partnership with a top-tier e-commerce player.	With over 250,000 POS terminals, the company has the distribution infrastructure to be an attractive partner [Raya Corp].

Data Accuracy: YELLOW -- Key scale metrics are sourced from a single regional publication; revenue and securitization activity are corroborated by financial news outlets.

Sources

1. [Forbes Middle East, 2024] The Middle East’s Fintech 50 - AMAN Holding | https://www.forbesmiddleeast.com/lists/the-middle-easts-fintech-50/aman-holding/
2. [Zawya, 2025] AMAN Holding announces 2022 business milestones & future plans for 2023 | https://www.zawya.com/en/press-release/companies-news/aman-holding-announces-2022-business-milestones-and-future-plans-for-2023-p3guwd68
3. [Mubasher Info, 2025] Aman Holding announces regional deals, EGP 6.4bn revenues in 2024, capital raise by end of Q1-25 | https://english.mubasher.info/news/4451569/Aman-Holding-announces-regional-deals-EGP-6-4bn-revenues-in-2024-capital-raise-by-end-of-Q1-25/
4. [ENT News, 2025] Third securitization issuance of EGP 665.5 million by AMAN Securitization on behalf of AMAN Consumer Finance, June 2025 | https://enterprise.press/stories/2022/09/28/trella-locks-in-smart-financing-from-contact-aman-now-offers-islamic-and-nano-financing-82202/
5. [Arab Finance] Aman Holding concludes EGP 928M securitized bond issuance for Aman Securitization | https://www.arabfinance.com/en/news/newdetails/Aman-Holding-concludes-securitized-bond-issuance-for-Aman-Securitization
6. [LeadIQ] AMAN Holding Company Overview, Contact Details & Competitors | https://leadiq.com/c/aman-holding/5e6a3d271d6f06b38251f32a
7. [Raya Corp] Aman Holding - Raya Corp | https://rayacorp.com/aman-holding/
8. [Crunchbase] AMAN - Crunchbase Company Profile & Funding | https://www.crunchbase.com/organization/aman-5318
9. [Forbes Middle East, 2025] AMAN Holding - The Middle East’s Fintech 50 2025 - Forbes Lists | https://www.forbesmiddleeast.com/lists/the-middle-easts-fintech-50-2025/aman-holding/