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SME financing portfolio achieves 27% of bank portfolio
Banque Misr has recently achieved an exponential rate of growth in financing MSMEs, whereby the sector’s financing portfolio amounted to 27% of the Bank’s total financing portfolio, as at the end of June 2021. This is in line with the state’s policies and
Banque Misr finances MSMEs via its network of branches throughout the governorates of Egypt – including industrial, agricultural and service projects – with the MSMEs portfolio, both conventional and Islamic, amounting to EGP 55.7 billion as at the end of June 2021.
The Bank has consistently worked to accommodate and fulfil the various needs of the different social segments, in a manner that is conducive to development and has accordingly collaborated with the Ministry of Local Development in the “Mashrouak” program. The scheme aims to finance MSMEs through the “Single-Window” scheme at local units spread throughout the country.
In this respect, Banque Misr has consistently worked to drive the MSME financing sector by restructuring and decentralizing its credit business, while adhering to clear and robust standards to create a default-free portfolio. This is in addition to qualifying and training its designated sector personnel, owing to the Bank’s firm belief in the MSME sector as they key driver of economic growth, coupled with its role as a key state instrument for economic development.
In light of our Bank’s interest in achieving digital transformation and assisting customers stay abreast of it, Banque Misr has recently launched new digital products such as Express loan online and Murabaha online, which are considered the first digital financing programs in Egypt, enabling customers to submit their financing applications via the Bank’s website without having to visit the branch. They are then able to follow the procedures in a few simple steps, making the small project financing loan the fastest loan in Egypt, since it can be acquired within 5 days from the date of submitting the application, subject to applicable terms and conditions.
Banque Misr also launched new lending products for micro projects, such as the automated instant loan, which can be acquired within 48 hours. A financing specialist uploads all the required documents via tablet and the loan approval can be obtained on the same day. This product comes in line with Banque Misr’s strategy encouraging the use of digital technology to offer the best quality service to customers.
As a result of these efforts, Banque Misr attained several awards recently in the field of SMEs financing from various prestigious institutions, including: “Best SME Bank - Egypt 2020" from Global Business Outlook magazine; “Best Innovative SME Bank – Egypt 2020” from International Finance magazine; “Best SME Partner Bank – Egypt 2020” from British the European magazine; “Best SME Bank – Egypt – 2020” from International Investor magazine; “SME Bank of the Year – Egypt 2020” and “Best SME Financing Bank – Egypt 2020” from the Digital Banker magazine and “Best SME Bank – Egypt 2020” from Asia Money – Euro Money.
Owing to it being a pillar of the national economy, Banque Misr is always keen on offering multiple credit products that are especially designed to accommodate the requirements of various projects, in addition to partaking in protocols and initiatives that seek to expand financing these projects. This is in addition to providing technical and financial advisory services, due to its firm belief in the economic importance of such endeavors in driving development. In this respect, our Bank has launched commercial and educational campaigns throughout the country – similar to the Presidential initiative “Hayah Kareema” – starting in Cairo government and covering the districts of Khusous, Khanka, El-Marg , El-Herafiyeen and El-Nahda – to spread banking awareness, financial inclusion and offer a suite of suitable banking services.
Moreover, our Bank has launched 3 business development centers at selected branches – jointly with the CBE’s “Nilepreneurs” initiative – with the aim of supporting entrepreneurs and MSME project owners. Worth noting is that the centers have provided over 8,000 non-financial services to thousand of customers; ranging from advisory services to training services, project incorporation services, feasibility study services, financial analysis and other services that assist and support entrepreneurs.
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