MIDBANK launches MID-GO to support SMEs

Hossam Mounir
6 Min Read

MIDBANK has announced the launch of “MID-GO, Go with Your Ambition”, as part of the bank’s strategy that is based on infrastructure development, the development of various services and products for small and medium-sized enterprises (SMEs), and the application of an effective business model, according to the latest international methods and practices, and in line with the Central Bank’s plans to advance this sector.

The launch of MID-GO: Go with Your Ambition comes within the framework of the bank’s new strategy launched under the slogan “We work for your future”, which pays great attention to supporting small and medium-sized companies, by providing various banking and financing solutions that support the growth and expansion of these projects with the aim of developing and growing their businesses.

MIDBANK aims to achieve the percentage set by the Central Bank for financing small and medium enterprises, which amounts to 25% of the total loan portfolio, by the end of this year.

Amr El-Garhy, CEO and Managing Director of MIDBANK, pointed out that small and medium enterprises are one of the most important axes of the new strategy launched by the bank under the slogan “We work for your future”, which pays great attention to supporting small and medium companies, as banking cadres have been attracted, with the aim of reinstating and restructuring the credit sector in line with market developments and the central bank’s directions, taking into account the bank’s strategy set in this regard.

He added that the bank seeks to participate strongly in the various initiatives of the state, starting with financial inclusion, passing through participation in financing various projects to digital transformation and supporting major projects that contribute to the development of the national economy.

Eman Abu Zaid, head of the bank credit and syndicated loans sector at MIDBANK, confirmed that the bank pays great attention to small and medium enterprises, in accordance with its strategic vision to expand in this field to provide the financial needs that help them grow, expand and transform into major companies. She added that MIDBANK is working to increase the percentage of financing directed to small and medium enterprises to reach 25% by the end of 2022, according to the instructions of the Central Bank in this regard, adding that the percentage of financing directed to the segment of small companies at the end of May 2022 was reached to 10%.

Ahmed Gaber, Head of the Small and Medium Enterprises Credit Sector at MIDBANK, added that a strategy for the bank was developed in mid-2021 based on the latest global methods and practices that are applied in the leading countries in the field of serving and financing small and medium companies, with the aim of promoting small and medium companies.

He pointed out that the industrial sector currently accounts for the largest proportion of the portfolio by nearly 30%, as the growth rate of the credit portfolio of small and medium-sized companies reached at the end of May of this year 60% compared to the same period of the previous year and 40% compared to the end of 2021, which reflects the keenness of MIDBANK in expanding in this field and providing the best banking solutions and banking services for small and medium-sized companies to meet the needs of various activities through simple and quick procedures.

MID-GO includes a package of banking services and financing solutions that are provided to customers of small and medium-sized companies in proportion to the needs of each segment, taking into account the nature of financial institutions’ dealing with small and medium-sized business customers and the flexibility, ease and speed it requires in meeting customers’ needs.

Gaber explained that a distinguished group of non-financial services will be provided with the aim of developing companies’ performance and business growth through several axes, the most important of which is building partnerships with service providers. It is also planned to provide distinguished offers for banking services and products for owners of companies that fall under the target customer segment.

MIDBANK has recently participated in the NilePreneurs initiative through the opening of the Business Development Center for the bank’s branch in Beni Suef governorate, to work on achieving the initiative’s goals, which include adopting promising project ideas, providing technical and technical support and sponsoring them at all stages, until ideas transform to projects on the ground, in addition to developing the capabilities of young entrepreneurs, supporting the strategy of women’s economic empowerment, and encouraging local industry and technology.

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