MEMPHIS REISEN

NilePreneurs delivers 430,000 advisory services to 147,000+ projects via 110 BDS Hubs: CBE – Dailynewsegypt

The Central Bank of Egypt’s (CBE) NilePreneurs initiative has announced that its Business Development Service (BDS) Hubs, located within bank branches, youth centers, and universities, have delivered approximately 430,000 non-financial and advisory services to over 147,000 beneficiaries, including entrepreneurs, startups, and Small and Medium-sized Enterprises (SMEs). These hubs have also facilitated financing for 9,000 projects, totaling EGP 6.7bn.

Since its inception in February 2019, the BDS Hubs have provided non-financial support to about 50,000 new projects and 64,000 existing businesses over five years. The services offered include economic feasibility studies, financial evaluations, guidance on licensing, and assistance with credit files for securing financing. The Hubs have also facilitated over 170,000 banking services, issued more than 75,000 bank cards (including Meeza, debit, and credit cards), created approximately 25,000 electronic wallets, and set up around 15,000 Internet banking accounts. Additionally, they have provided over 10,000 mobile wallet accounts, opened more than 20,000 bank accounts, and issued over 4,000 bank Certificates of Deposit (CDs).

In pursuit of economic empowerment for women, the BDS Hubs have supported nearly 2,000 women-owned projects with EGP 680 million in financing over the past five years. They have also provided advisory services to about 48,000 women entrepreneurs, representing 33% of all beneficiaries.

Sherif Lokman, CBE’s Sub-Governor for Financial Inclusion, stressed the bank’s collaboration with stakeholders to support entrepreneurs and MSMEs, urging the banking sector to offer essential non-financial and advisory services. This aligns with the vision of economic empowerment, job creation for youth and marginalized groups, and formalizing the informal sector. These efforts aim to enhance financial inclusion and achieve the Sustainable Development Goals (SDGs) as part of Egypt’s Vision 2030.

Lokman also noted the significant role of the banking, governmental, and academic sectors in expanding the number of BDS Hubs to 110, covering 24 governorates.

Ahmed Hosny, Director of BDS Hubs, emphasized the Hubs’ crucial role in aiding entrepreneurs, startups, and SMEs by providing comprehensive non-financial and advisory services. These include idea selection, enterprise establishment, registration guidance, licensing procedures, economic feasibility studies, financial evaluations, and assistance with securing financing and credit file preparation. The Hubs also support market penetration, and supplier matchmaking, and offer training and financial literacy programs.

Noteworthy, the CBE launched the NilePreneurs initiative, in collaboration with the banking sector, several universities, and local and international entities, which incorporates five main programs, including BDS Hubs that provide entrepreneurs, startups, and SMEs, with their services through the Hubs established inside banks’ branches, youth centers, and universities in 24 governorates, or by applying in the initiative’s website https://np.eg.