Agricultural Bank of Egypt launches new facilities through in ‘Bab Rizq’ program

The step is part of the Central Bank of Egypt’s (CBE) initiative to promote financial inclusion for farmers, on the occasion of Egyptian Farmer’s Day

  
A farmer and his son harvest a field along a road leading to the capital city of Cairo, amid the coronavirus disease (COVID-19) outbreak, Egypt April 14, 2020.

A farmer and his son harvest a field along a road leading to the capital city of Cairo, amid the coronavirus disease (COVID-19) outbreak, Egypt April 14, 2020.

REUTERS/Amr Abdallah Dalsh
 

Egypt - Agricultural Bank of Egypt (ABE) announced offering new facilities to the beneficiaries of “Bab Rizq” microfinance program, Daily News reported.

The step is part of the Central Bank of Egypt’s (CBE) initiative to promote financial inclusion for farmers, on the occasion of Egyptian Farmer’s Day.

The bank will waive the first repayment instalment with a maximum of EGP 500 for individuals wishing to obtain microfinance on September 10th-30th.

Bab Rizq is one of the most important microfinance programs at ABE which targets women and small traders and craftsmen in Egyptian villages. It also targets low-income groups to empower them economically.

The program provides up to EGP 10,000 finance with a low annual reducing interest, without administrative expenses.

ABE is participating in the state’s celebration of Farmer’s Day and the initiative for financial inclusion for farmers launched by CBE on 1-15 September, to raise awareness of the importance of financial inclusion and to spread and publicize banking services.

The bank’s celebration includes launching a distinguished set of banking services and benefits for existing and new customers, including allowing new customers to open accounts for free without any administrative expenses or a minimum. It also allows customers to have Meeza cards issued.

Alaa Farouk, Chairperson of ABE, stressed the importance of the banking sector’s celebration of Farmer’s Day, with the state’s growing interest in developing the agricultural sector.

He pointed out that the celebration of financial inclusion aims to spread and enhance social awareness of the importance of financial inclusion and financial and banking services to encourage the shift from the informal economy to the formal economy, represented in banks.

Farouk affirmed that the bank is working in accordance with strategic plans and programs to implement the concept of financial inclusion, in an effort to become one of the largest banks in the banking sector.

He added that the bank has a plan to expand the number of its branches from 1,200 to 2,000, by adding 800 new branches during the next five years. Most of them will be located in the villages of the Egyptian countryside and will target farmers.

Moreover, the bank is currently working on modernizing all its branches to make them look better 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.

Additionally, the bank has completed installing 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.

 

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