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Banque Misr Named the Best Bank in Digital Innovation MENA for 2020 and the Best Partner Bank for SMEs in Egypt for 2020 by British The European Magazine
Banque Misr was recently named the Best Bank in Digital Innovation MENA for 2020
and the Best Partner Bank for Small and Medium Enterprises in Egypt for 2020 by British The European Magazine. The Bank’s attainment of
these two prizes comes as a culmination of its efforts in these two areas. In the field of digital innovation and digital transformation, the Bank adopted the concept of digital transformation and innovation as a main pillar upon which to manage its business, as it has become imperative for the service concept provided by Banque Misr to include technological basics to serve customer requirements. This has become an urgent need in light of the development of the use of mobile phones and computers, as technological services are now considered a necessity for the continuity of the Banque Misr’s leadership in the Egyptian banking market.
The Bank has also taken several steps towards digital transformation, such as for instance; modernizing and developing the BM Online banking service, by providing a new suite of banking services that customers may access through the internet. The Bank has also launched electronic banking services for its customers through the mobile banking application and is considered one of the first banks to provide mobile payment services via Banque Misr’s “BM Wallet” application. Moreover, the Bank has also recently and for the first time in Egypt, used artificial intelligence technology to provide the “Chat Bot” automated assistant service via its website, to serve customers around the clock. Owing to the Bank’s keenness on providing the latest services to its customers and in keeping with its pioneering status in the Egyptian banking sector, Banque Misr launched the “WhatsApp for Business” service to serve customers round the clock, with this interactive service being a step towards moving forward with digital transformation. Customers are now able to conduct an interactive dialogue at all times without queuing. This technology contributes to diversifying the means of communication with customers, which helps to achieve more success and development by improving operations and reinventing business models. Banque Misr is also the first bank to provide purchasing technology from points of sale and websites with a QR code for mobile wallet clients. The Bank has also, and for the first time in Egypt, automated access to finance micro enterprises by providing immediate service.
Banque Misr has consistently sought to increase the size of the small, medium and micro enterprise financing portfolio – which amounts to 20% of the size of the credit portfolio – in alignment with state activities and owing to the vital impact of this sector on the national economy. This is in addition to the need for the inclusion of youth, women and different segments of society; leading to a reduction in unemployment, increasing income growth for the individual and the household and ultimately boosting social productivity and covering local market requirements; in lieu of the Bank’s leading status in the banking domain. The value of the portfolio amounted to EGP 30.8 billion as at the end of February 2020 and the number of clients numbered some 151,000 clients. This reflects the Bank's pivotal role in financing small and medium enterprises, which is in line with the Central Bank’s policy and in conformity with the commitments of corporate social responsibility, warranting contribution to reducing unemployment. The Bank also provides funding for micro enterprises, whether in the formal or informal sector, which is obtained seamlessly by submitting a number of required documents. This portfolio amounted to EGP 5.4 billion as at the end of February 2020, with more than 131 thousand customers served. Banque Misr also collaborated with the Ministry of Local Development in the “Mashrouak” initiative, with the aim of financing small and micro enterprises via the “one window” scheme in local units throughout the Republic, beginning in March 2015. The value of loans granted to some 92.5 thousand micro enterprise customers totaled EGP 8.7 billion, as at the end of February 2020.
Banque Misr also keenly participated in the “Nilepreneurs” initiative launched by the Central Bank of Egypt to support entrepreneurs and provide banking and non-banking small, medium and micro enterprises with comprehensive non-financial services via the initiative’s dual instruments: the first being “Design Houses” which are hubs within universities seeking to support the university population in devising new products or alternative products to the ones imported from abroad, while developing an existing product. The second instrument encompasses "Business Development Centers" which are centers that serve all social segments and aim to provide them with non-financial services and enable them to acquire funding.
Banque Misr consistently seeks to effectively participate in building the Egyptian economy and to drive the advancement of society by availing financing requirements to various economic sectors. The Bank has been named “Africa Bank of the Year 2019” in financing small, medium and micro enterprises by Corporate Lifewire magazine.
The Bank also attained the award for the Bank of the Year in Egypt for the year 2019 and the Best Bank in Financial Inclusion in Egypt for the same year from British The European Magazine, while managing to obtain some 23 awards and accolades in all business sectors for the year 2019 from various renowned global institutions. This is in recognition of its accomplishments and efforts exerted in various domains and in lieu of its status as a pillar of the national economy and the first bank owned by Egyptians.
The Bank’s acquisition of such an extensive list of awards and accolades comes as a certificate of entitlement to the trust and confidence of its customers, who are considered mainstays in its endeavors. Banque Misr was originally established for the purpose of contributing to the prosperity of society and for some 100 years, it has been true to its long-held commitment; owing to its stature as a dependable national instrument in supporting social development within all domains. The Bank continuously seeks to provide all clients with innovative services and products that consistently fulfil their needs.
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