Best Microfinance Bank
Cairo- 14 Feb- 2016 - ALEXBANK has been awarded by Banker Africa as “Best Microfinance Bank” in North Africa. Recognizing that the microfinance sector has a huge potential in the Egyptian market, Alexbank made significant investments to better serve this segment.
The Banker Africa – North Africa Awards Program was designed to recognize excellence in the banking industry through an independent panel of banking and finance industry experts. Banker Africa is the only monthly, dedicated banking title for Africa, subscribed to by C-Level Execs in over 750 banks in 37 countries. The publication is part of CPI Financial’ s broad portfolio of financial journals with over 60,000 members and subscribers throughout Asia, The Middle East, Europe and Africa.
ALEXBANK's Microfinance portfolio reached EGP 250 Million at the end of 2015, growing by 48% compared to the end of 2014. ALEXBANK has taken steady strides in enhancing access to credit for this pivotal segment and also diversified its product and service offering.
Since the bank started its Microfinance business in 2007 total loans extended to micro enterprises has topped EGP 2 billion, financing more than 300 thousand clients of which more than 50 thousand currently on board. One of the key drivers of success has been the bank’s time to market capabilities, thanks to a very speedy approval and lending process.
ALEXBANK’s commitment to the sector was further evidenced earlier this year with the bank offering one of the first dedicated savings products for the micro segment, the “Micro Saving Account” which allows micro depositors to open a saving account with only EGP 500. Additionally, thanks to the cooperation with external partners, the bank can offer fully integrated turnkey programs for youth such as the Kiosk Project which provides youth with physical kiosk, finance and goods stock to begin their business from scratch.
With a large footprint of branches serving Micro entrepreneurs across almost all governorates and a focus on rural areas, ALEXBANK continues to serve the ever-evolving needs of Egypt’s unbanked segment, providing them with the financial tools and services to become active contributors in the growth of the Egyptian economy and further aid in job creation.
One of ALEXBANK’s strategic focus is to steadily increase its support to the development of the SMEs segment, drawing on its long experience of empowering entrepreneurs at all stages of their business lifecycle, with a detailed segmentation approach - from Micro up to Medium enterprises - with the aim to serve not only financial needs but also to provide for an enlarged advisory and tutorship support.