The Agricultural Bank of Egypt (ABE) has announced the provision of new facilities to beneficiaries of the “Bab Rizq” microfinance program, as part of the initiative of the Central Bank of Egypt (CBE) to promote financial inclusion of farmers, on the occasion of Farmer’s Day.
In this context, the bank will waive the first repayment deadline with a maximum of EGP 500 for individuals wishing to obtain microfinance from September 10 to 30.
Bab Rizq is one of ABE’s largest microfinance programs targeting women and small traders and artisans in Egyptian villages. It also targets low-income groups to empower them economically.
Bab Rizq provides up to EGP 10,000 in financing at a low declining annual interest rate, with no administrative costs.
The EBA pays great attention to Farmers Day, as it specializes in providing all financial and banking services to the agricultural sector.
ABE participates in the state celebration of Farmers Day and the CBE’s Farmers Financial Inclusion Initiative from September 1 to 15, to raise awareness of the importance of financial inclusion and to disseminate and promote banking services.
The celebration of banking includes the launch of a distinguished set of banking services and benefits for existing and new customers, including allowing new customers to open accounts free of charge with no administrative or minimum fees. It also allows customers to be issued Meeza cards.
ABE also organizes a number of awareness-raising events in all branches of the bank in towns and villages across the country, with a focus on villages.
These events aim to increase the financial awareness of rural residents in Egypt, especially women and youth, to enable them to safely manage their money and savings, as well as to benefit from the financing programs offered by the Bank. to establish small, medium and micro enterprises. It also aims to encourage craftsmen and self-employed professionals to open accounts without a trade register.
Alaa Farouk, President of ABE, stressed the importance of the banking sector’s celebration of Farmers’ Day, with the state’s growing interest in the development of the agricultural sector.
He stressed that the celebration of financial inclusion aims to disseminate and strengthen societal awareness of the importance of financial inclusion and financial and banking services to encourage the transition from the informal economy to the economy. formal, represented in banks.
Farouk pointed out that ABE is working in accordance with strategic plans and programs to implement the concept of financial inclusion, with the aim of becoming one of the largest banks in the banking sector in terms of achieving financial inclusion on the base of its capacities as the largest bank with a network of branches across the country, targeting the rural population.
He added that the bank plans to expand the number of its branches from 1,200 to 2,000, adding 800 new branches over the next five years. Most of them will be located in villages in the Egyptian countryside, and will target farmers. In addition, the bank is currently working on the modernization of all its branches to make them more in line with the new identity of the bank, in addition to updating the technological infrastructure of the branch itself and supporting it with the latest technologies.
ABE is currently experiencing great leaps in the number of new customers thanks to the system of development and modernization observed in all sectors of the bank during the last period, whether in terms of improving the quality of banking services or in diversifying products and introducing new products.
In addition, the bank has completed the installation of more than 800 ATMs over the past three months, out of 1,150 new ATMs to be installed by the end of October 2021, with the support of CBE.
He indicated that the bank aims to increase the number of ATMs in all villages of the Republic to achieve financial inclusion and provide the best level of services to customers.