The Banking Executive Magazine - October 2023

Banque Misr, Reefy ISSUE 178 OCTOBER 2023 the BANKING EXECUTIVE 43 Banque Misr, Reefy PARTNER TO OFFER COMPREHENSIVE SERVICES TO MICRO-ENTERPRISES Banque Misr, one of the largest banks in Egypt, has signed a cooperation protocol with Reefy, a leading micro- finance company, to provide finan- cial and non-financial solutions and products to micro-enterprise owners. The protocol was signed by Akef El Maghraby, Vice Chairperson of Banque Misr, and Ahmed Labib, Managing Director and CEO of Reefy, in the presence of Mohamed El-Etreby, Chairperson of Banque Misr, and several bank and company executives. According to a statement from Banque Misr, the protocol aims to fa- cilitate mutual referrals between the bank and the company for their clients, offering a range of financial services and solutions. This partner- ship supports the roles of both the bank and the company in attracting new segments of micro and small en- terprise owners, providing distinctive financing mechanisms that meet all their financial needs. Moreover, the bank offers its expertise to the com- pany in the field of digital lending models. The bank emphasized its efforts to adopt advanced technological serv- ices in its various transactions, ensur- ing alignment with global developments. This is aimed at sup- porting growth and empowering more societal segments to access suitable financial solutions, further- ing financial inclusion efforts. The bank also provides a range of non-fi- nancial services to the company’s clients through its Business Develop- ment Centers launched under the umbrella of the “Nile Pioneers” ini- tiative sponsored by the Central Bank of Egypt. Additionally, the company provides marketing, organizational, technical consultancy, economic studies, and services in various fields. El-Etreby stated that the sector of small, medium, and micro-enter- prises is the engine of national eco- nomic growth. The bank places significant importance on this sector and is constantly seeking partner- ships to support enterprises of vari- ous sizes, aiding their growth and thus enhancing financial inclusion efforts and providing employment opportunities. El Maghraby explained that the bank’s signing of this protocol is part of its strategy to support and develop small and micro-enterprises by offer- ing distinguished financing mecha- nisms that meet their financial and non-financial needs across different economic activities. Labib expressed his satisfaction with the signing of this important proto- col, given the integration of services provided by Reefy with the bank’s role in maximizing financial inclu- sion for all segments of society. He highlighted the potential benefits of utilizing the geographic presence of Banque Misr and Reefy through- out the country, thereby providing comprehensive financing programs to a larger number of clients across all Egyptian governorates, thus boost- ing the local economy in various vil- lages and communities. He added that this protocol aligns with the state’s efforts to enhance financial in- clusion and integrate a larger number of micro-enterprise owners into the formal economy, reinforcing the state’s support for the micro-enter- prise sector as a key pillar for achiev- ing economic development. MICRO ENTERPRISES