Menthum launches a new digital saving solution in Egypt
By Leandra Monteiro
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.
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