The United Bank announced 520 million Egyptian pounds is the micro finance portfolio by end of 2022

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The United Bank announced 520 million Egyptian pounds is the micro finance portfolio by end of 2022

Cairo: 13^th of February, 2023

Ashraf El Kady- The President of The United Bank, announced in a big ceremony held last week in the presence of micro finance team in UB 68 branches and headquarter the exceeding of Micro Finance portfolio to 520 million Egyptian pounds by the end of 2022. That’s a great leap in the finance growth rate by 50% more than 2021.

El Kady stated that this leap in the micro finance portfolio comes within the framework of the strategy of The Egyptian state, The Central Bank of Egypt, and The Financial Supervisory Authority towards the economic empowerment to different segments of the Egyptian society, this strategy copes with the sustainable development vision of Egypt 2030.

El Kady pointed out that UB’s strategy is based on the variety of the finance portfolio, either that is offered to the large corporate or that offered to the SMEs or that is offered to the micro finance, either trade, service, handicraft, or industrial. This is based on UB long experience in providing distinctive finance solutions that are suitable for different segments of the Egyptian society, especially women and youth, the thing that insures sustainable economic empowerment to these segments.

He mentioned that micro enterprises are regarded as the main factor in pushing the wheel of economic development, and accomplishment of the goals of the sustainable development, and providing job opportunities, all these insure an added value of the national income.

El Kady praised the professionalism of the micro finance sector work team in UB’s 68 branches covering all the Republic. The team received intensive training from specialists in Frankfurt School in Germany. As well as, many training courses in a number of local and international educational institutions.

El Kady explained that UB provides a package of finance programs and distinctive banking solutions to serve trade activities, industrial, handicrafts, service activities, the thing that copes with the integrated development purposes in Egypt. UB’s role is not just providing finance as per The Central Bank of Egypt regulations, but it also about providing a package of banking consultancies and digital solutions, which guarantees offering the clients with the best consultancies methods to increase and develop their enterprises.

UB provides a product called “Shoghly” to finance little merchants “Mini markets and Bakeries”. The finance amount starts from 50 up to 100 thousand Egyptian pounds. The finance is for 2 years. The amount of finance increases with the years of partnership between the client and UB as per CBE finance standards. That’s called technically “finance ladder”. Besides a package of banking services and distinctive digital solutions, that enable the client to pay the due installments anywhere in the Egypt, either in villages or Naggas, without the need to go to the branch, with a number of 225 ATMs around the Republic, or via digital services: Mobile Banking, UB digital wallet or Internet Banking. These solutions provide the client with the ability to make easily all his/ her financial transactions any time without any effort spared.

UB provides a finance product under the patronage of the president of the Republic, and with the coordination of the Ministry of Trade and Industry, and CBE, and a number of relevant ministries, which is the car convention to operate with natural gas. The initiative aims to maximize the citizen’s gains of the economic reform through:

• Maximizing the use of natural gas as an alternative for fuel for diesel and gasoline. This would achieve great economic and material savings in the general budget of Egypt. It contributes in directing these savings to support the sectors of health, education and scientific research to advance the system of services provided to the Egyptian citizen and improve his life.
• Eliminating pollution and harmful environment emissions that affect the health of the citizen and the surrounding environment from the effects of using the fuels.
• Achieving the maximum benefit of the production capacity of the Egyptian car factories and the related industries. The thing that contributes to production maximizing and increase the local production and raising the employment rates. So, reducing unemployment and increasing exports.

As well as, a varied package of banking retail products offered to individuals and corporates, and compliant with sharia provisions products, such as the personal loan and mortgages, the specialized educational loan “easy learn” to finance educational fees either for schools or universities. As well as, a distinctive package of credit cards, coming on top “Rakhaa” the first compliant with sharia credit card in Egypt and Meeza card. In addition, number of certificates and the distinctive 3 or 5 year saving pots. Besides, the compliant with sharia provisions Millionaire certificate, that grants the winners with 4 million Egyptian pounds annually through 32 withdrawals.

UB provides a package of distinctive high- quality digital services “Your Bank Online”, to offer the client with more luxury and reduce the carbon emissions that harm the environment. These services provide the client with all his/ her banking needs on the spot without any effort and save time. It works 24/7, with the highest efficiency and latest international techniques: Internet Banking for individuals and corporates, Mobile Banking, UB digital wallet. As well as, virtual ATM services that provide multiple developed solutions, such as: I Score instant inquiry, currency exchange, charging and withdrawals from all digital wallets, debit and credit cards activations and settling credit cards. In addition to the governmental bills payment services (taxes and customs) for investors.

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