back Back

Menthum launches a new digital saving solution in Egypt

By Leandra Monteiro

December 26, 2022

  • Asset Management
  • Digital Savings Platform
  • Egypt

Menthum Menthum announced the launch of an innovative digital saving solution in Egypt. A mobile app that makes saving- simple, smart, and secure.

Menthum brings together a novel product concept and a money market fund to create a comprehensive customer experience (CX). Egypt’s first purpose-built digital money market fund, the ‘Menthum Money Market Fund’, invests in safe Egypt government Treasury Bills (T-Bills).

Speaking at the product launch, Himanshu Shrimali, Co-Founder & CEO of Menthum Holding said, “We work hard to make money. Our money should also work hard for us! While desiring a better return on our money, we care for its safety even more. Menthum was created to earn solid returns on our liquid savings while ensuring peace of mind. We strongly believe that a product created to address a strongly felt personal need will positively add value to fellow Egyptians’ lives”.

Offering an overview of the market offerings for liquid savings, Ismail Sarhank, Co-Founder & COO said, “We all keep a part of our money in liquid form, for our short to medium-term needs & goals – be it school fees, health expenses or a car, a house or a holiday. However, a typical bank account in Egypt pays low interest on liquid savings, in the range of 4 to 6% annually. This rate is generally based on the account balance. Few banks offer daily interest accounts and require a high 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 upwards of 10% annually or more in the current interest rate environment and that’s how Menthum made this process simple, smart and secure.”

Customers can download the mobile app from the comfort of their home/office and complete the sign-up process in under a minute. The Menthum team then visits the customer to complete the Know Your Customer (KYC) requirements and to obtain their signature. Right after, their Menthum account is activated. Following completion of this process, customers can freely add money, with no restriction on the minimum amount. Customers earn daily returns as soon as their money is credited in their Menthum account. There is no lock-in period. Hence, customers can withdraw money at any time.

Previous Article

December 26, 2022

FinTech Nivo secures £1m funding from Maven and Barclays

Read More
Next Article

December 27, 2022

AFS and ZENJEX partner to boost payments offering to Bahrain’s unbanked

Read More

IBSi Daily News Analysis

UK, Bank

July 12, 2024

Asset Management

Global securities lending revenue sees sharp 16% decline to $2.53bn in Q2 2024, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 09, 2024

4 Sharia-based investment platforms for ethical investing in the UK

Read More

July 01, 2024

PortfolioCloud enters UK market through integration with Seccl

Read More

June 24, 2024

Sidekick launches instant-access Savings Account for investors

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024