Dr. Maya Morsy, Minister of Social Solidarity and Chairperson of the Board of Directors of Nasser Social Bank, announced the Bank's joining of the “Tamkeen” platform, the Ministry's digital platform and the overarching framework for the services of the strategic financial system for economic empowerment.
The Minister of Social Solidarity clarified that this step aims to transition from social protection to production and empowerment by linking vulnerable yet capable-to-work groups with an integrated package of services including “financing, training, awareness, employment, marketing, and insurance,” in cooperation with government entities, the banking sector, the private sector, and civil society.
Dr. Maya Morsy noted the commencement of receiving applications for micro-project financing for beneficiaries of the “Takaful and Karama” program via the platform, pointing out that document submission is available through most branches of Nasser Social Bank, in addition to all offices of the National Postal Authority across various governorates, leveraging its broad geographical coverage to facilitate procedures for citizens.
She added that the launch of the “Launch Towards Economic Empowerment” product comes within the Bank's keenness to provide accessible financing solutions that encourage micro-entrepreneurs and those wishing to establish micro-enterprises to create productive projects that achieve economic and social stability.
For his part, Waleed El-Nahhas, Vice Chairman of the Bank's Board of Directors, explained that the financing covers a number of diverse activities and projects catering to the needs of various categories. The loans include financing for agricultural, industrial, commercial, and service projects, as well as home-based projects, offering beneficiaries great flexibility to choose the appropriate activity according to their capabilities and market needs.
El-Nahhas emphasized that obtaining the financing requires submitting a few simple and facilitated basic documents, including a valid copy of the National ID for the client and the guarantor, a recent utility bill for the client's residence, and a recent utility bill for the project premises. In the case of home-based projects, a residential utility bill suffices. Furthermore, presenting a lease or ownership contract for the client's residence and a lease or ownership contract for the project premises is required.
El-Nahhas indicated that the terms for granting the financing stipulate that the client's age must not be less than 21 years and not exceed 60 years at the time of granting. The financing tenure ranges from one year up to a maximum of three years depending on the nature of the project, with installments paid on a monthly basis. The financing amount ranges between a minimum of EGP 5,000 and a maximum of EGP 30,000, determined by the project's requirements and the debt burden ratio.
