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Collaboration Protocol Between Banque Misr and Vodafone Egypt to Support Small Projects and Digital Transformation
As part of Banque Misr and Vodafone’s strategy to support and instigate digital transformation, together with assisting small projects and providing integrated solutions supporting of the needs of that sector, a protocol of collaboration was signed by and between Banque Misr and Vodafone Egypt; duly represented by Mr. Akef El-Maghraby – Vice Chairman of the Board of Directors of Banque Misr – and Mr. Karim Shehata – Business Unit Director at Vodafone Egypt. The signature was attended by Mr. Shehab Zeidan – Digital Transformation Director at Banque Misr – and a number of leading executives from both parties.
The protocol aims to offer financial and non-financial products and services to small projects; whereby small project customers are offered a suite of solutions that fulfil their requirements. Among the numerous services extended by Banque Misr is the Express loan for small projects; whereas Vodafone offers services that assist this segment in implementing digital transformation processes and to overcome various challenges. These offerings are presented via the VHUB platform, which seeks to expand the scope of businesses, while maintaining current corporate operations. This is in addition to assisting companies in systematically integrating their business processes, thus making administrative tasks more agile and smooth and saving valuable time and effort.
The protocol also seeks to provision exclusive offers to small project customers on corporate telephone lines, to integrate high-speed financing processes (Express loan) provided by Banque Misr with technological communication services offered by Vodafone Egypt; in order to assist these companies in developing their business operations.
Mr. Akef El-Maghraby stated that this protocol was concluded in light of Banque Misr’s strategy for extending digital solutions to customers and enhancing the digital services offered by Banque Misr for fulfilling the needs of its customers; such as Express loan, which is considered the first integrated digital loan in Egypt. This product allows Banque Misr’s small project customers to submit a financing application online via the website, without the need to visit the branch, on a step-by-step basis at minimum procedures. The small project financing loan is the fastest loan in Egypt and can be obtained within 5 days from the date of submission, subject to applicable terms and conditions. Mr. El-Maghraby noted that the Express loan has been met with substantial success, with financing amounting to EGP 10 billion before the end of the first year of launching the product, which positively impacted the performance of digital products and drove the Bank to launch the first Murabaha for small projects online. As such, “Banque Misr Express for Islamic Banking” was launched as of August 2021 under the supervision of a Sharia Supervisory Board.
On his part, Mr. Karim Shehata explained that the VHUB platform is especially designed to assist small projects in overcoming the challenges faced in running their business, while also offering suitable technological solutions as a one-stop-shop; beginning with registration, to the selection of technological solutions and through to post-operations. Vodafone Egypt also offers consultation services, delivered by experts in the field who are fully knowledgeable of various requirements – especially those of small projects. Mr. Shehata stated that the platform renders more than 100 solutions – in collaboration with major global companies and local partners who are familiar with the needs of the Egyptian market and its small projects. He added that these services are hosted by Vodafone cloud in Egypt, with robust security and data protection capabilities.
Banque Misr and Vodafone Egypt seek to enhance their distinguished services and to maintain their long-term success by actively partaking in partnerships that positively reflect on their roles, insofar as endorsing economic activities – especially small projects – to achieve economic growth. Moreover, the values and strategies of Banque Misr consistently underscore its commitment to attain sustainable development and prosperity for Egypt.