Banque du Caire is the first financial institution to launch a digital micro-loan service in Egypt
Iskan Misr Newspaper | Banque du Caire is the first financial institution to launch a digital micro-loan service in Egypt
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Banks and insurance
Banks and insurance
Banque du Caire is the first financial institution to launch a digital micro-loan service in Egypt
07:44 PM - Wednesday, October 6, 2021
Banque du Caire announced the launch of the first service in the financial sector to provide financing for micro-projects digitally at the headquarters of clients’ activities in less than an hour without the client’s need to visit the branch’s headquarters, in an unprecedented step that enhances the bank’s role in supporting the digital transformation system, which contributes to saving time and effort from clients and facilitating procedures Customers obtaining loans.
On this occasion, Tarek Fayed, Chairman and CEO of Banque du Caire, stressed the importance of this step in line with the visions and policies of Banque du Caire to give priority to micro-projects because of their impact on achieving financial inclusion goals, based on the experience that the bank enjoys, which extends to more than For 20 years, which contributed to providing about 1.3 million job opportunities and a sustainable production project that serves various segments, most notably the youth and female breadwinners. Loans were granted to 500,000 clients during the last three years, of whom about 45% deal with the banking sector for the first time. The bank’s distinction comes in This field is due to the geographical spread, especially in the governorates of Upper Egypt, which account for about 55% of the number of clients, and women account for 35% and 40% for youth.
Fayed added that Banque du Caire is working to launch innovative digital banking solutions and services for micro-enterprise customers, by providing electronic acceptance services through the QR Code service and providing the feature of collecting installments through a mobile phone wallet.
He also stressed that micro-projects are of great importance within the Bank's plans and policies, as these projects provide many job opportunities and work to increase production and income, which is reflected in improving the living lives of project owners and workers, noting that the Egyptian state is making many efforts to achieve the objectives of financial inclusion. Supporting the digital transformation system.
While Mohamed Tharwat, head of the retail banking sector at Banque du Caire, explained that the new service comes within the framework of the bank’s keenness to offer a variety of digital products and services to the bank’s customers, most notably mobile services, internet banking, mobile phone wallet “Cairo Cash” and electronic payment services through the QR code. -Code, the bank also obtained a license from the Central Bank of Egypt for electronic payment through POS machines, in addition to establishing a company for digital and electronic payments, which contributes to supporting expansion plans in the field of digital transformation and financial inclusion.
In a related context, Tawfiq Al-Samri, Director General of the Microfinance Sector, said that this step represents a qualitative leap in the field of microfinance in line with the directions of the Central Bank and the state's strategy in the field of digital transformation and financial inclusion, as all procedures for granting financing are completed in less than An hour at the headquarters of clients’ activities and receiving text messages on the phone confirming the addition of the loan amount to the client’s account, indicating that the bank aims to open 100 new units specialized in the field of microfinance during the next three years to serve the owners of micro-enterprises all over the Republic, especially in the villages of the Delta and Upper Egypt.
