Building on Banque Misr's leading role in the field of financing micro and small projects and accepting electronic payments, Banque Misr has signed a cooperation protocol with Agel Company to provide financial and non-financial solutions and products for micro and small project owners. The protocol was signed by Mr. Amr Demerdash, the Head of the Small and Medium-sized Enterprises and Microfinance Sector at Banque Misr, and Mr. Abdel Rahman Saeed, the Co-founder and Chairman of the Board of Directors of Agel Company, on Thursday, June 8, 2023. The signing ceremony was attended by Mr. Mohamed Al Sabban, the Head of the Strategic Projects Sector at Banque Misr, and a group of bank and company leaders.

Banque Misr's signing of this protocol is part of the bank's strategy aimed at supporting and developing micro and small enterprises. The bank plays a leading role in financing micro and small enterprises through unique financing mechanisms that meet the financial and non-financial needs of various sectors in different economic activities, particularly in the field of financial and digital services, providing the necessary support to meet the needs of various projects.

Agel Company is one of the promising companies in the field of Islamic financial technology, founded in 2021 as a platform to connect retail merchants with their suppliers, manufacturers, and wholesalers to provide alternative financing options that allow merchants to instantly obtain the goods and products they need for their businesses. Banque Misr has supported Agel Company as part of the “BM accelerator program”, an intensive 6-month program to support promising financial technology founders and invest in them. The program provides the founders with the necessary tools to grow their projects and access a network of experts and mentors within and outside the bank, as well as connecting them with investors to intensify opportunities for company growth and additional investments.

Mr. Amr Demerdash, the Head of the Small and Medium Enterprises and Microfinance Sector at Banque Misr, stated after the signing that this collaboration is a step in the framework of Banque Misr's strategy to support and assist projects of various sizes. The bank considers this sector of utmost importance by providing all financial and non-financial services that meet the needs of clients of this sector. By the end of December 2022, the portfolio of micro and small enterprises financing reached 27.5% of the total credit portfolio, which positively impacts the national economy. This coincides with the directives of the Central Bank of Egypt and the government's efforts to improve economic indicators, increase economic growth rates, promote local production, and reduce the import bill.

Mr. Mohamed Al Sabban, the Head of the Innovation and Strategic Projects Sector at Banque Misr, emphasized that the bank has launched several models of cooperation with financial technology companies to keep Banque Misr at the forefront of the banking sector by providing a unique experience to the bank's customers. He also pointed out that the bank is a founding partner in Nclude, an investment fund for promising financial technology companies. Banque Misr has also launched two programs: the Startup Growth Accelerator and Company Building Studio programs, which aim to build new companies based on the bank's strategic needs, fostering innovation and technological advancement to contribute to the real and sustainable growth of the Egyptian economy and support entrepreneurs. Mr. Al Sabban noted that Banque Misr's partnership with Agel Company is an outstanding example of collaboration between financial institutions and startups, which will significantly support the micro and small enterprise sector and provide financial and non-financial solutions and services to these companies.

Mr. Abdel Rahman Saeed, the Co-founder and Chairman of the Board of Directors of Agel Company, expressed his happiness at the completion of this collaboration, emphasizing its direct impact on supporting the company's expansion plans and its vision to support the micro and small enterprise sector by providing fully digitized alternative financing options to facilitate transactions and support the vital sector's growth and the employment of a larger number of people. Additionally, it will attract new segments of beneficiaries, contributing to financial inclusion in line with Egypt's Vision 2030.

Mr. Ahmed Al Sherbini, the Co-founder and CEO of Agel Company, added that this strategic collaboration reflects the important role that Banque Misr has played in supporting the financial sector and enhancing the quality of the services it provides. He pointed out that this partnership will provide Agel Company with new opportunities for growth by integrating the innovative technology solutions of the company with underlying infrastructure of the Banque Misr, ensuring the highest level of service for customers, and contributing to real and sustainable growth in the targeted sectors.

Banque Misr, as a pillar of the national economy, is committed to providing a variety of digital payment solutions and credit products designed specifically to meet the needs of projects of different sizes. The bank also engages in several initiatives and protocols aimed at expanding financing for these projects. Moreover, it offers technical, financial, and non-financial consultation services to project clients. The bank firmly believes that these projects are the engine of economic growth. Banque Misr always strives to enhance the excellence of its services and maintain its long-term success, actively participating in services that meet the needs of its customers. The Banque Misr’s values and strategies consistently reflect its commitment to sustainable development and prosperity for Egypt.