Banque Misr has entered into a cooperation protocol with Maksab Co. to offer financial and non-financial solutions for micro and small enterprise owners.
Leveraging its prominent role in financing small and micro enterprises and its expertise in electronic payments, Banque Misr has recently entered into a cooperative agreement with Maksab Company, including its financial subsidiary, Maksab Payments. The purpose of this collaboration is to deliver both financial and non-financial solutions and products tailored to micro and small enterprise owners. This agreement was formalized through the signing of a protocol involving key individuals:
- Mr. Amr Demerdash, Head of the Small and Medium Enterprises and Microfinance Sector at Banque Misr.
- Mr. Ehab Dorra, Head of Retail Banking and Branches Sector at Banque Misr.
- Mr. Bilal Al-Mogharbel, CEO and Co-Founder of Maksab Company.
The signing ceremony was attended by prominent leaders from both Banque Misr and Maksab Company. This partnership exemplifies Banque Misr's commitment to driving financial innovation and extending support to small businesses, especially in the digital realm.
The signing of this protocol represents a pivotal step in the bank's strategy to support digital payment solutions and promote the small, medium, and micro-enterprises sector. The protocol facilitates electronic payments from Maksab merchants by enabling the activation of the QR code/Request to Pay service. This allows the acceptance of payments from all mobile wallets issued by banks and mobile companies. Additionally, the partnership includes the provision of financing options for micro and small enterprise owners among Maksab's clientele, adhering to the agreed-upon terms and conditions.
Mr. Ehab Dorra, Head of Branches and Retail Banking Sector at Banque Misr, noted that this collaboration with Maksab aims to streamline the payment process for tech-savvy users. It underscores Banque Misr's embrace of digital transformation and innovation as fundamental pillars of its operations. The bank's services are increasingly technology-driven, aligning with customer needs as mobile phones and computers become integral to daily life. Banque Misr witnessed significant growth in its electronic payment acceptance portfolio in 2022, with a 91% increase (including points of sale, websites, and QR codes). The bank maintains a presence of over 440 thousand points of sale, 2000 websites, and more than 2 million QR code transactions. Furthermore, Banque Misr actively engages with startups and fintech companies, fostering electronic payment solutions to advance financial inclusion across various sectors, ultimately striving towards a cashless society.
Mr. Amr Demirdash, Head of the SME and Microfinance Sector, emphasized the strategic importance of this cooperation. He underscored the bank's commitment to supporting small and medium enterprises and the microfinance sector by offering a comprehensive range of financial and non-financial services tailored to their specific needs. Banque Misr was among the first banks to comply with the Central Bank's requirements, resulting in a small and medium enterprise financing portfolio that reached 27.5% by the end of December 2022. This achievement positively impacts the national economy, in line with the directives of the Central Bank of Egypt and the state's efforts to promote the sector, improve economic indicators, increase economic development rates, encourage local products, and reduce the import bill.
Bilal Al-Mogharbel, CEO and Co-Founder of Maksab, emphasized that this collaboration marks a significant milestone in their mission to empower merchants and foster business growth. The introduction of new features allows Maksab to efficiently and securely receive funds from various e-wallets, making cash liquidity more accessible for traders. This, in turn, expedites the capital cycle, driving increased daily operational volume for traders. The partnership with Banque Misr aligns with the company's commitment to support the state's continuous digital transformation efforts, bringing about a significant transformation in the lives of merchants through innovative technological solutions.
As a stalwart of the national economy, Banque Misr is dedicated to providing a wide range of digital payment solutions and credit products tailored to projects of all sizes. The bank actively participates in initiatives and protocols to expand financing for these projects, along with offering technical, financial, and non-financial consulting services to project clients. Banque Misr regards these projects as vital engines of economic growth and is steadfast in its commitment to the sustainable development and prosperity of Egypt.
