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Banque Misr Actively Participates in the Financial Inclusion of Youths Initiative Under the Auspices of the Central Bank of Egypt
Owing to Banque Misr's keenness on supporting state efforts for financial inclusion and in line with the vision of Egypt 2030 for achieving sustainable development, the Bank actively participated in various financial inclusion events (International Youth Day) under the auspices of the Central Bank of Egypt. This comes in light of the Bank's belief in the importance of achieving financial inclusion, which aims to enable access of all segments of society to financial products and services that fulfil their different needs. These include savings accounts, current accounts, payment and transfer services, insurance, financing and credit. On the occasion of International Youth Day – whose activities continued from 1st to 5Th August 2020 – Banque Misr offered various benefits and free offers to serve all customers, especially youths, being the largest segment of society.
It is worth noting that Banque Misr (BM) offers an array of financial products and services privileges and offers during financial inclusion events for youth. For instance, BM waives fees for opening accounts for new customers with no minimum deposit requirement. BM bears stamp duty associated with opening an account and instantly issues a Meeza card free of charge, whether debit or the classic card.
For customers under 16 years of age, BM waives fees for issuing the prepaid card (TEENS), enabling youth to complete their purchases in commercial outlets or online through the Internet without the need to open accounts. For customers from 16 to 21 years old, BM waives fees for issuing bank accounts with the issuance of BM cards. For customers from 21 to 30 years old, BM waives fees for issuing bank accounts and GO cards. As for customers using the BM Wallet application, A 20% cashback is eligible on the first financial transaction is recovered as per applied terms and conditions.
Banque Misr's participation in the financial inclusion event (International Youth Day), under the auspices of the Central Bank of Egypt, is in line with the bank's ongoing keenness to participate in all initiatives and campaigns launched by the Central Bank of Egypt. Banque Misr primarily focuses on financial inclusion and women empowerment by providing an array of financial services and supporting micro-entrepreneurs, which significantly drive the Egyptian economy growth and raise living standards. Banque Misr is considered one of the first banks to participate in financial education and financial inclusion since its launch in Egypt in 2014, under the auspices of the Central Bank of Egypt.
Banque Misr has consistently supported state efforts for achieving financial inclusion, by partaking in various initiatives and protocols that serve members of the community. This is in addition to adopting several programs for awareness and financial inclusion; such as supporting small and medium enterprise owners as part of the "Nilepreneurs" initiative under the auspices of the CBE. The initiative aims to assist young entrepreneurs and encourage startups in various economic sectors.
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