Egypt's Tamweely And MerQ Launch first microfinance chatbot

Cairo -  Tamweely Microfinance partnered with MerQ Artificial Intelligence and launched the first microfinance chatbot, a virtual assistant that helps clients transact and resolve all their inquiries by having a conversation with them.

This new technology is a move towards digital transformation, according to the company's press release.

Chairman and CEO of Tamweely, Amr Abou El-Azm, stated: “In the light of reports positioning Egypt in the 9th place for the Contribution of AI to GDP by 2030, Tamweely took upon itself paving the way for AI inclusion in Egypt’s Microfinance Sector.”

“Tamweely chatbot “Fahim”, comprehends human communications and this will definitely enhance its clients' experience. 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," Abou El-Azm added.

Tamweely’s chatbot provides clients with information related to its financial services and products offered by the company in addition to branches locations using attractive visuals. Through the chatbot, users can apply for loans and job vacancies and start the application process.

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

"We thrive with the government strategy and Financial Regulatory Authority’s (FRA) plans towards financial inclusion and digital transformation. In addition, Tamweely strives to satisfy its clients’ needs, where 56% prefer texting more than calling," Khorched further noted.

For his part, MerQ Founder Waleed Ghalwash said he is "proud to have contracted with a pioneering institution such as Tamweely to develop the services provided to this vital sector. I anticipate that customers will be able to enjoy a smoother and smarter self-use experience as a result”.