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Banque Misr Launches a Comprehensive Program to Support MSMEs in Addressing the COVID-19 Crisis via Business Development Centers “Nilepreneurs”
Owing to Banque Misr’s commitment to supporting its MSME customers, the Bank has recently launched a comprehensive plan to render non-financial services to help assists its customers in mitigating the adverse effects they may encounter due to the COVID-19 crisis. The suite of services offered includes awareness, advice and knowledge services, marketing services, training services, business partner services, financial analysis services, feasibility study services and facilitating funding. The plan will be implemented in phases, starting with the governorates in which Banque Misr’s “Nilepreneurs” centers are located; namely Sadat, New Damietta and Luxor.
These non-financial services are considered amongst the most vital services required by project owners at this time; whereby awareness and knowledge services encompass sufficiently educating individuals on managing workers and taking the necessary preventive measures set by the state for gradually returning to normalcy. This is in addition to avoiding crowding and infection amongst workers and identifying all means of electronic payment. Marketing services include encouraging customers to practice online marketing and e-commerce. The program also renders training services; assisting project owners to mitigate negative repercussions and complete banking transactions in lieu of social distancing regulations as a form of crisis management; together with capitalizing on opportunities, cutting costs, increasing sales, adjusting to market changes and practicing corporate online banking.
Services provided also include business partner services, seeking to assist customers in reaching their targeted clients and most needed suppliers. This is in addition to financial analysis services for the company in order to determine its financial policy, cutting costs, increasing sales and adjusting to current market changes and developments, in order to timely fulfil banking commitments and emerge from the crisis with minimum losses. Feasibility study services are also provided; educating customers on dealing with financing institutions, managing bank accounts and the factors to be taken into consideration to avoid bad credit rating – by banking or non-banking institutions.
Worth noting is that Banque Misr attaches great significance to the MSME sector and to the concept of entrepreneurship; being the drivers of economic growth. Therefore, the Bank has established a number of business development centers for the purpose of supporting entrepreneurs and unlocking the potential of promising youth, while increasing the number of SMEs, start-ups and existing companies in targeted economic sectors. This is with the aim of enhancing local products via national industries possessing the capacity to compete and penetrate new global markets.
Also worth noting is that Banque Misr consistently strives to provide financial and non-financial services that meet the demands of all its customers.
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