MIDBank launches MID-Go to support SMEs under CSR

27 / 07 / 2022

By Marwa Nassar - -

MIDBank launched “MID-Go” within the framework of developing the infrastructure as well as offering various services and products of micro and medium-sized enterprises (SMEs) in accordance with up-to-date international standards and development plans of the Central Bank of Egypt (CBE).

This helps boosting national economy and local growth rate in addition to creating jobs.

This came in a press conference held in Cairo within the framework of announcing the bank’s new strategy – under the slogan of “We work for your future” – which is part of the bank’s Corporate Social Responsibility (CSR).

The bank’s strategy aims at supporting small and medium sized companies through offering various banking and financing solutions.

MIDBank will up financing for SMEs by 25 percent maximum by the end of 2022 in accordance with the CBE, compared to 10 percent in May 2022.

MIDBank CEO Amr Garhy said SMEs is one of the most important axes of the bank’s new strategy, noting that the bank is keen on contributing to various state initiatives, topped by financial inclusion, bankrolling various projects, achieving digital transformation and supporting mega projects that help in pushing forward national economy.

For her part, Iman Abou-Zeid, the head of Corporate Banking, said the bank is deeply interested in promoting SMEs in accordance with the bank’s vision on expanding SMEs and offering needed financial support in order to turn into big companies.

Ahmed Gaber, Head of SMEs Banking, said the bank’s strategy was laid down in mid 2021 in line with the latest international practices which are adopted by pioneering states in the field of small businesses.

He added that the bank restructured its services offered to SMEs in order to achieve expansions in this domain.

The bank also seeks to apply a modern working model based on the principle of effective management of clients’ relations with special focus on expanding financing of service and industrial activities.

He expounded that the industrial sector represents about 30 percent of the bank’s financing portfolio, while SMEs witnessed a growth in its portfolio by 60 percent in May in comparison with the same period last year and 40 percent by the end of 2021.

This reflects the bank’s interest in boosting SMEs and offering the best banking solutions and services for them to meet the SMEs needs through simple and swift measures.

MID-GO represents a bundle of banking services and financing solutions offered to SMEs clients, he said, noting that a package of non-financing services will be offered soon with an aim to develop the companies’ performance and realize business growth.

It is worth mentioning that the MIDBank has contributed to the national overture of Nile Preneurs through opening a center for developing businesses at the bank’s branch in the Upper Egypt governorate of Beni Suef. The bank is working on achieving the initiative’s goals, especially with regard to adopting ideas of promising projects and offering technical and technological support in order to turn the ideas of these projects into ventures on the ground.