Financial Inclusion and Sustainable Development: Achievements and Services of Banque Misr”: Insights from the Banque Misr Conference
Written By:Hana Sherief Elbadry

On Tuesday, the 30th of April 2024, a conference entitled "Financial Inclusion and Sustainable Development: Achievements and Services of Banque Misr" convened at the Saweres Hall, Faculty of Political Science and Economics. Hosted by Mr. Tamer AbdelFattah Hamouda, Director of the Bank of Egypt, Cairo University Branch, and Mr. Hamada Abdelrahman, Sales and Customer Service Manager, the seminar aimed to highlight the bank’s products and services tailored for students, professors, and those designed to foster financial inclusion. 

Dr. Marwa Mohammed Shabl Biltagy, Vice Dean of the College for Postgraduate Studies and Research  and moderator of the seminar, commenced the proceedings with an inquiry into the significance of Banque Misr. She relayed the bank’s historical significance, highlighting its establishment in 1920 by Taalat Harb as the first Egyptian-owned bank. Its inception aimed to bolster economic growth, propel the nation towards development, and reinvigorate the business landscape following the British occupation. Dr. Biltagy conveyed her appreciation for the attendees' presence. 

Subsequently, Mr. Tamer Hamouda addressed the audience, asserting Banque Misr's ethos as a "bank for all Egyptians." He highlighted the presence of a bank branch at Cairo University, catering to students with a diverse array of services. He announced the accessibility of the Miza card, now offered free of charge to all students, serving as an electronic wallet. Furthermore, he emphasized that each product mutually benefited both the bank and the customer, contrary to common perception. 

Taking the floor, Mr. Hamada expounded upon Mr. Hamouda's assertion regarding the symbiotic relationship between a bank and society. He delineated how banks provide liquidity, security, and returns on investment to clients, while utilizing deposited funds for further investments. He detailed the various products tailored for different segments of society, such as savings accounts, current accounts, the Super Cash account, Al Mongez Account for freelancers, various types of certificates of deposits, and the Hewalty account for foreign currency transfers. Aligning with the imperative of financial inclusion and the reduction of cash dependency in Egypt, he highlighted the provision of the Miza card for students without administrative costs, and the provision of the Smart Wallet application, and the Banque Misr Online platform.

 Regarding the bank's profitability, Mr. Hamada elucidated that it stemmed from “offering services in exchange for services”, citing loans extended to businesses and individuals. Loans catered to small, medium, and large enterprises, with interest rates commencing at 2.7%, and individuals based on their sales revenue and income levels respectively. Notably, he underscored specific advantages available to university professors, including streamlined loan processes and an extended retirement age of 65. Additionally, he highlighted the bank's provision of financing for marriage-related expenses, as well as car loans.

 Mr. Tamer was subsequently queried about treasury assets and investment funds. He explained that treasury assets could be acquired with a minimum investment starting from 25 thousand and were purchasable from any branch of Banque Misr. Furthermore, he underlined Banque Misr's position as one of the premier providers of investment funds in the governorate. He noted the bank's pioneering introduction of Day by Day Mutual Funds, which offer holders a daily cumulative return, and highlighted the diverse range of funds available, including Islamic Funds and "Sandouk Al Umr." Emphasizing the importance of daily monitoring of fund prices to carefully select the best investment, he stressed their variability in accordance with stock market fluctuations. Additionally, he mentioned the bank's provision of complimentary credit cards to all clients, with a repayment period of one year. He also underscored the significance of maintaining robust customer-bank relationships, a commitment which the bank upholds diligently.

 Upon inquiry from Dr. Marwa regarding student loans, Mr. Tamer responded that previously, student loans were disbursed to the guardian of the student, typically the parents. However, he acknowledged a challenge wherein the repayment period was constrained to 10 months, rendering it impractical. He conveyed ongoing efforts to refine and improve the student loan offerings for enhanced utility and accessibility.

 In conclusion, the conference showcased Banque Misr's diverse services aimed at fostering financial inclusion and sustainable development. Through insightful presentations, attendees gained a deeper understanding of the bank's commitment to empowering individuals and driving economic growth.