The African Banker Awards named the Bank of Alexandria the “Best Microfinance Bank” in North Africa on 14 February.
Since it made its foray into the microfinance sector in 2007, Bank of Alexandria has provided more than EGP 2bn in loans, financing more than 300,000 clients. At the end of 2015, the bank’s microfinance portfolio registered an annual total volume of EGP 250m, a 48% year-on-year growth.
In a statement, the bank attributed its growth to the expediency of its loan approval process.
Continuing to expand its activity in the microfinance sector, the Bank of Alexandria introduced a micro saving account at the start of 2016, allowing small customers to open saving accounts with an initial deposit of EGP 500.
One of the bank’s microfinance programmes includes the Kiosk Projects, which provides those looking to open a kiosk with the requisite initial investment and goods to pursue the endeavour.
The Bank of Alexandria plans to finance small and medium enterprise, presenting consultancy, support, and training needed to give projects the chance to succeed and grow.