ABA, Fawry, NBE and Egypt Post Mull Paying Clients’ Loan Premiums

Motaz El Tabaa , the Executive Director of the Alexandria Business Association(ABA) said the Association plans  in the next period to conclude an agreement with Egypt Post , Fawry Electronic Bill services and the National Bank of Egypt’s’ Phone Cash’ services to facilitate microfinance for customers and to pay the loans’ premiums through this service.

El Tabaa explained that ABA provided finance worth EGP440 million for 260 clients in small, medium and micro projects.

He emphasized that the Egyptian market owns 1.5 million clients in micro enterprises and this small size in the light of providing agricultural and industrial banks provide the necessary banking financing for establishing these projects.

He added that ABA accused inflexibility in giving loans for its customers, but the political and economic crises  experienced by the Egyptian people over the past three years have recently proved its valid strategy vision.

Furthermore, he illustrated that ABA reduced the proportion of the contribution of commercial activity to 40% instead of 60% against 20% for agricultural and the rest proportion distributing between the industrial field and other activities.