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Banque Misr Signs First Protocol of Collaboration with Tamweely Microfinance Company for Automating Payables and Receivables of Micro Enterprises

Banque Misr signed a protocol of collaboration with Tamweely Microfinance Company, on Tuesday, 2nd March 2021, with the agreement being signed by Mr. Mohamed El-Etreby – Chairman of the Board of Banque Misr and Mr. Amr Abulazm – Executive Chairman and Managing Director, in the attendance of Mr. Akef El-Maghraby – Vice Chairman of the Board of Banque Misr and Mr. Ahmed Khorshid – Chief Executive Officer and Managing Director of Tamweely Microfinance Company. The event was attended by select executives representing both parties. The signing of this protocol comes in light of Banque Misr’s strive to automate payables and receivables, for the purpose of transitioning to a cashless society and supporting state efforts for financial inclusion. This protocol serves some 100,000 beneficiaries and will allow them to withdraw funding through Banque Misr branches – numbering more than 700 – in addition to more than 43 ATMs at Tamweely branches as a first phase, with the possibility of withdrawing funds from more than 12,000 ATMs nation-wide. Additionally, more than 60,000 corporate Meeza cards are set to be issued for Tamweely customers in the first year.

Worth noting is that this protocol covers various aspects of cooperation and includes a bundle of payment and collection products. Insofar as payments, Banque Misr offers online payment services, which enable Tamweely to pay funding to beneficiaries online; and with regards to receivables, the Bank offers numerous services such as monitoring cash deposits in corporate accounts and services enabling Tamweely to directly collect funds from accounts, quickly and efficiently.

Card payments will also be enabled – through POS, the company’s website and online applications; as well as via electronic wallets through the QR Code. This comes in line with Banque Misr’s strive to expand electronic payments and make them available to all social segments with the objective of facilitating transactions and providing an exceptional service, in a manner that contributes to financial inclusion as a national objective. It is also aligned with the policies of the National Council for Electronic Payments, by incentivizing the use of electronic means and channels instead of cash.

Worth noting is that this collaboration will favorably reflect on citizens; whereby it allows many to pay their dues to the company, through Banque Misr’s provisioning of POS devices at Tamweely’s premises and the acceptance of all types of electronic wallets and cards, both via the website and mobile applications. The customer enters their details and pays the due amount through bank cards, electronic wallets or QR Code; with this being a step among numerous successful endeavors by Banque Misr - a pioneer in rendering electronic collection services via QR Code and Meeza Digital network. The Bank is also a leader in providing payments through mobile applications, via BM Wallet.

Banque Misr always strives to support digital transformation efforts by providing innovative electronic solutions to facilitate customers' needs,  in a way that contributes to providing banking and financial services in a seamless and advanced manner. The Bank continuously seeks to facilitate customer transactions, expand electronic payments and receivables and offer them to all social segments; thus contributing to financial inclusion as a national state objective. This also integrates with the goals of the National Council for Electronic Payments and especially resonates during these times, where customers are favoring social distancing and the use of online channels as a safer alternative, in light of the current pandemic.

Tamweely stated that is set on completing a technological transformation in all its operations using the latest financial breakthroughs, not only witnessed in Egypt but in markets across the globe, by continuously updating its operating models and capitalizing on legislations targeting the non-banking financial services market as well as government support.

The company also reiterated that this step fulfils its aspirations towards updating operational tools in microfinance, where payment technologies play a key role in all stages; including the disbursement of funding, collection of payments and responding to queries.

Tamweely also expressed its appreciation for collaborating with Banque Misr, which is a pillar of the Egyptian economy, in a manner that serves the company’s customers, facilitates the granting of funds and the collection of payments in a timely manner, thus saving time and cutting costs.

Banque Misr continuously 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.