In a strategic step towards promoting financial inclusion, Dr. Maya Morsi, Minister of Social Solidarity, and Hisham Okasha, CEO of Banque Misr, witnessed the signing of a cooperation protocol between Banque Misr and the Fund for the Support of Rural and Environmental Industries and Rural Development, affiliated with the Ministry of Social Solidarity.
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The protocol was signed on behalf of Banque Misr by Hend Fahmy, Head of Financial Inclusion and Mortgage Finance, and on behalf of the Fund for the Support of Rural and Environmental Industries and Rural Development by Angie El-Yemani, Executive Director of the Fund, in the presence of a distinguished group of leaders from the Ministry, the Central Bank of Egypt’s Financial Inclusion Sector, and Banque Misr.
This protocol opens up new horizons for the digitisation of financial transactions for beneficiaries of the fund’s financing within economic empowerment projects, and provides intensive training programmes and advanced financial inclusion products and services, where entrepreneurship and economic empowerment are encouraged through the provision of financing appropriate to the nature of each activity in all governorates of the Republic.
The protocol simplifies the procedures for obtaining financial services and products, whether traditional or digital, by organising specialised training courses for beneficiaries in the areas of financial inclusion and economic empowerment.
It also encourages the use of digital banking services provided by Banque Misr, at competitive and incentive-based prices and terms, through financial inclusion products and services designed specifically for target customers, with the aim of increasing rates of economic empowerment, financial inclusion and comprehensive services to promote digital transformation in the rural sector, in line with the objectives of the Egyptian National Strategy 2030.
Under this protocol, roles are integrated to achieve a tangible impact, with the Fund playing a vital role in providing financing programmes in accordance with its policies and conditions, and contracting with associations, civil institutions and companies licensed to operate by the Ministry of Social Solidarity and the Financial Supervisory Authority to ensure that support reaches those who deserve it.
For its part, Banque Misr offers a comprehensive range of advanced services and products to target customers through basic financial inclusion products and services, such as current and savings accounts, prepaid cards, e-wallets, microloans, and financing for beneficiaries who receive grants and financing based on their credit history, while enabling microenterprise customers to digitise their transactions with their customers through the use of Banque Misr’s internet banking service.
Dr. Maya Morsi, Minister of Social Solidarity, praised the cooperation between the ministry and Banque Misr, noting that the fund is one of the main tools for helping families escape poverty.
She emphasised that the “Takaful and Karama” cash support programme has benefited 7.7 million families over the past 10 years, with 3 million families graduating from the programme, and that 4.7 million families currently benefit from it.
