MIDBANK has received approval from the Financial Regulatory Authority (FRA) to establish MIDBANK Digital Finance for Small and Medium Enterprises, reflecting the bank’s strategy to expand its digital financial services and develop financing solutions tailored to the needs of small and medium-sized enterprises (SMEs).
The move comes amid rapid developments in Egypt’s financial sector and the increasing use of technology to improve financial services and make them more accessible.
It also aligns with the FRA’s efforts to promote the use of financial technology in non-banking financial activities and broaden access to these services, helping advance financial inclusion and improve the efficiency of financing solutions.
MIDBANK continues to develop its banking operations by upgrading its technological infrastructure and expanding its digital services for individuals and businesses, helping simplify banking procedures and improve the customer experience.
These efforts support the bank’s strategy to strengthen its competitiveness and keep pace with developments in the banking sector, paving the way for further growth in the coming period.
The new company is expected to make a significant contribution to digital financing for SMEs, with the bank set to announce further details of its services and operating mechanisms at a later date.