Egypt - Banque Misr, one of the largest banks in Egypt, has signed a cooperation protocol with Reefy, a leading microfinance company, to provide financial 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 facilitate mutual referrals between the bank and the company for their clients, offering a range of financial services and solutions. This partnership supports the roles of both the bank and the company in attracting new segments of micro and small enterprise owners, providing distinctive financing mechanisms that meet all their financial needs. Moreover, the bank offers its expertise to the company in the field of digital lending models.

The bank emphasized its efforts to adopt advanced technological services in its various transactions, ensuring alignment with global developments. This is aimed at supporting growth and empowering more societal segments to access suitable financial solutions, furthering financial inclusion efforts. The bank also provides a range of non-financial services to the company’s clients through its Business Development Centers launched under the umbrella of the “Nile Pioneers” initiative 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-enterprises is the engine of national economic growth. The bank places significant importance on this sector and is constantly seeking partnerships to support enterprises of various 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 offering distinguished financing mechanisms that meet their financial and non-financial needs across different economic activities.

Labib expressed his satisfaction with the signing of this important protocol, given the integration of services provided by Reefy with the bank’s role in maximizing financial inclusion for all segments of society.

He highlighted the potential benefits of utilizing the geographic presence of Banque Misr and Reefy throughout the country, thereby providing comprehensive financing programs to a larger number of clients across all Egyptian governorates, thus boosting the local economy in various villages and communities. He added that this protocol aligns with the state’s efforts to enhance financial inclusion and integrate a larger number of micro-enterprise owners into the formal economy, reinforcing the state’s support for the micro-enterprise sector as a key pillar for achieving economic development.

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