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Express Online, the First Digital Loan for Small Enterprises from Banque Misr, Surpasses EGP 1.5 Billion - 50 Days After Launch
Banque Misr announced the results of its new product, the “Express Online” loan, which is considered the first integrated digital product for financing small projects in Egypt, launched by the Bank’s digital transformation sector. The financing granted amounted to more than EGP 1.5 billion, after only 50 days from the date of launching the loan.
The loan is considered a breakthrough in project financing, since it enables the Bank’s 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.
Banque Misr constantly strives to launch innovative technological banking solutions and services to its customers, thus contributing to saving time and effort. The Bank finances small, medium and micro enterprises via its branches located throughout the governorates in various industrial, agricultural and service fields, with the value of the SME portfolio reaching EGP 36.4 billion as at June 2020, compared to EGP 23.3 billion in June 2019, which amounts to an increase of EGP 13.1 billion and a growth rate of 57%. Customers of the SME portfolio numbered 184 thousand as at June 2020, compared to 121 thousand customers in June 2019, at an increase of 63 thousand customers and a growth rate of 52%.
Banque Misr consistently seeks to fulfil the needs of various social segments, in a manner that is conducive to development; by combating unemployment and contributing to the development of the community. Accordingly, the Bank has partnered with the Ministry of Local Development to launch "Mashrooak" (Your Project) program, with the objective of financing small and micro enterprises, via the "one-window" initiative within the local units throughout Egypt, where loans amounting to EGP 9.9 billion were issued to 99 thousand clients, as at 30/6/2020.
Banque Misr has attained numerous awards in the area of SME financing in appreciation and recognition of its accomplishments and efforts; such as the award for “SME Bank of the Year Egypt – 2020” from Global Business Outlook; “Most Innovative SME Bank – Egypt 2020” from International Finance magazine; “Best SME Partner Bank – Egypt 2020” from British The European magazine; “Most Outstanding SME Financing Bank – Egypt 2020” from International Investor magazine; and SME Bank of the Year – Egypt 2020” from The Digital Banker magazine. This is in addition to the 2019 Africa award for “Bank of the Year for Financing Small and Medium Enterprises” from Corporate Live Wire magazine
Banque Misr consistently seeks to improve its services, maintain its long-term success and effectively participate in offering services that fulfil the needs of its customers. This is since the values and strategies of Banque Misr reflect its commitment and dedication to sustainable development and to achieving prosperity for Egypt.