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Banque Misr Delegates “Tanmeyah” the Sale of Meeza Cards on Its Behalf, as the First Micro Financing Company Licensed to Operate as a Service Provider by the Central Bank of Egypt
Agreement between Banque Misr and Tanmeyah for digitizing payments through issuing financing and collecting installments via the Bank’s Meeza cards
Akef El-Maghraby: 250 Banque Misr ATMs at Tanmeyah premises in order to streamline and improve services
Amr Abouesh: The sale of pre-paid Meeza cards to facilitate procedures for Tanmeyah customers and to safely receive financing and pay due installments
Banque Misr has recently concluded an agreement with Tanmeyah – considered the first for any micro financing company in Egypt – for the sale of pre-paid Meeza cards – bearing the logos of both the Bank and the company – for use by the company’s customers in cash withdrawals and deposits, the transfer and receipt of funds, as well as making government payments and online purchases inside Egypt. This agreement comes in line with the strive by both parties to collaborate in the field of payment digitization and to contribute to state efforts towards achieving a cashless society.
Mr. Akef El Maghraby – Vice Chairman of the Board of Banque Misr – stated that the agreement was part of the digital transformation of financial institutions and the utilization of digital technologies (digitization) in all transactions. He added that work was underway to install 250 ATMs at Tanmeyah’s premises throughout the various governorates, with the aim of streamlining services and improving their quality.
Mr. El Maghraby reiterated that Banque Misr considers digital transformation a pivotal milestone in the global and national economies, especially in light of the circumstances imposed by the pandemic, which have driven the use of digital platforms. This, in turn, has led the Bank to expand its digital offerings to customers.
Mr. El Maghraby confirmed that the agreement between Banque Misr and Tanmeyah aims to strengthen financial inclusion and raise the awareness of segments on the fringes of the banking system, in order to onboard them in a manner that is conducive and favorable to the Egyptian economy.
On his part, Mr. Amr Abouesh – Chairman and Managing Director of Tanmeyah – stated that the agreement is aligned with the state’s efforts towards attaining a digital economy, by enabling electronic payment and collection channels and limiting cash transactions, thus furthering the achievement of financial inclusion.
Mr. Abouesh noted that Tanmeyah is the first micro financing company in Egypt to acquire CBE licensing to sell Banque Misr’s “Meeza” cards, reiterating the company’s strive to consistently develop its digital capabilities and upgrade the level of services offered to customers. He added that Tanmeyah is set to sell the pre-paid Meeza cards to all its customers, at branches throughout Egypt.
Mr. Abouesh added that the agreement with Banque Misr offers numerous electronic channels to small and micro projects, so that they may withdraw loans and pay their installments easily and conveniently, in order to reduce cash transactions. Moreover, customers are able to capitalize on the numerous benefits and privileges offered by the card.
This agreement also complements the pioneering role played by Banque Misr insofar as online payment services. The Bank has updated and developed its internet banking service "BM Online” by offering a bundle of new banking services to customers. Banque Misr has also launched electronic banking services to customers via mobile phones through the mobile banking application, becoming one of the first amongst its counterparts to offer this service via the “BM Wallet”. Banque Misr has also recently – and for the first time in Egypt – utilized artificial intelligence technologies to offer the “Automated Assistant Chat Bot” through its web portal, to serve customers around the clock. Moreover, Banque Misr is considered the first bank to offer purchasing technology via POS and websites through the QR Code for mobile wallet customers; and also the first to automate micro financing.
Worth noting is that Tanmeyah is considered one of the first leading institutions specialized in offering non-banking finance solutions. Since its inception in 2009 and for more than a decade, the company has offered EGP 18 billion in financing to some 1.5 million customers.
Tanmeyah also commands an impressive geographical outreach, through its presence in 25 governorates via 288 branches and more than 5,000 employees. The company manages 350,000 finance portfolios and targets financing amounting to EGP 5.5 billion as at the end of the current year.
Banque Misr consistently supports digital transformation and innovation efforts by providing electronic solutions that cater to customer requirements, for technology today has become the most rapidly-changing variable governing the global economy. As such, Banque Misr is keen on incorporating various financial technologies in its offerings, so as to improve the provisioning of banking and financial services, while paving the way for capitalizing on new pathways towards economic and financial development. Banque Misr always strives 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.
The awards acquired by Banque Misr in the domain of digital innovation include “Innovative Digital Bank of the Year – MENA 2020” from British The European magazine; “Most Innovative Bank – Egypt 2021” from National Investor magazine; and Most Innovative Digital Bank – Egypt 2020” from The Global Economics magazine.