Thursday May 23rd, 2024
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Digital Saving Solution Menthum Launches in Egypt

Menthum, a digital saving solution, is establishing the country's first purpose-built digital money market fund.

John Bichara

Menthum, a digital saving solution, has launched in Egypt, bringing with it the country's first purpose-built digital money market fund, 'Menthum Money Market Fund' - regulated and licensed by the Financial Regulatory Authority (FRA) and managed by Azimut - which will invest in safe Egypt government Treasury Bills.

Launched by Co-Founder and CEO Himanshu Shrimali, who led the retail banking division at a large Egyptian bank, and Co-Founder and COO Ismail Sarhank, who held a leadership role in the financial services industry, Menthum is a novel saving solution for people who want a solid return on their liquid savings.

"We work hard to make money. Our money should also work hard for us," Shrimali tells StartupScene. "While desiring a better return on our money, we care for its safety even more... We strongly believe that a product created to address a strongly-felt personal need will positively add value to fellow Egyptians' lives."

Menthum looks to provide Egyptians with a hassle-free, customer-centric saving solution that focuses first and foremost on the safety of their customers' money. "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 adds. "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 and complete the sign-up process in under a minute. Once the Menthum team visits the customer to complete the Know Your Customer requirements and obtain their signature, the Menthum account is activated, and customers will be able to freely add money with no restriction on the minimum amount. Customers can then earn a daily return as soon as their money is credited. Since there is no lock-in period, customers can withdraw money at any time.


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