Egypt Post and Alkhair Microfinance have signed a cooperation protocol on providing microfinance services through post offices. Services are to be delivered using the latest FinTech tools and relying on Egypt Post’s huge capabilities, including robust infrastructure and a large number of post offices available nationwide.
The protocol comes in an effort to make microfinance services available to more people in different areas, villages, and hamlets in different governorates, through 4,300 post offices. Citizens, through post offices, can apply to receive microfinance loans by Alkhair using their National ID cards, post account numbers, or prepaid cards. They can also repay the loans in cash or through automatic payments deducted from their accounts.
This step supports the national plans of achieving financial inclusion for all segments of society, providing different financing models for all economic sectors, fostering microfinancing, and encouraging youth to choose freelancing as a career option.
Egypt Post offers a variety of financial services to support and empower young producers and SMEs owners as they run their businesses. Services by Egypt Post also include international and domestic shipping services for project owners and entrepreneurs, helping them access, and compete in, local and global markets.
