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Menthum – Egypt’s new money market fund and digital saving solution

Menthum brings together a novel product concept, an innovative workflow, and a money market fund to create a comprehensive CX, explains a statement

By: Business Today Egypt

Sun, Dec. 25, 2022

Team Menthum announced the launch of a new digital saving solution in Egypt, calling it a “first-in-market Mobile App that makes saving: simple, smart, and secure,” and “Egypt’s first purpose-built digital money market fund, the Menthum Money Market Fund,” which invests in the government’s Treasury Bills (T-Bills).

“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 yet 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,” said CEO of Menthum Holding, Himanshu Shrimali during the launch event.

Menthum brings together a novel product concept, an innovative workflow, and a money market fund to create a comprehensive customer experience (CX), explains a statement from the company.

The product is the brainchild of a team of veteran professionals with extensive expertise in banking and finance; Himanshu Shrimali, Co-Founder & CEO of Menthum Holding, was leading the retail banking division at a large Egyptian bank, and Ismail Sarhank, Co-Founder & COO, has held a leadership role in the financial services industry.

Offering an overview of the market offerings for liquid savings, Ismail Sarhank 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.”

“From our experience, we felt the need to create a hassle-free, customer-centric saving solution that assures first and foremost the safety of money, while ensuring convenience of use. Thus, we created Menthum, ‘A Fresh Way to Money’. The word ‘Menthum’ (inspired by Latin for ‘Mint’) denotes a ‘Fresh’ way to save, manage and add value to money,” Himanshu explained.

In practice, Menthum is a simple, smart, and secure way to save money. 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 the completion of this process, customers can freely add money; with no restriction on the minimum amount. Customers earn a daily return 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.

“With the growing dynamism of the country and the increasing demand for innovative products that add more value in our lives in a secure manner, we sense that Egyptians are at a turning point for embracing change and pioneering ideas,” Himanshu noted. “We hope to play a significant role in enhancing financial inclusion in Egypt by expanding the availability of innovative saving solutions to a wider base of Egyptians”.

“We thank the team at Azimut led by Ahmed Abou El Saad, who swiftly understood our vision and worked with us to realize the country’s first digital fund.” Shrimali and Sarhank concluded “we would also like to express our sincere gratitude and appreciation for Menthum’s regulator, the Financial Regulatory Authority (FRA) of Egypt for their pragmatic approach and proactive support. They certainly walk the talk when they say Building Bridges Not Walls!”

Menthum Holding for Financial Investments S.A.E. is licensed & regulated by the Financial Regulatory Authority (FRA) of Egypt. Menthum Money Market Fund is licensed & regulated by the Financial Regulatory Authority (FRA) of Egypt.