Nasser Social Bank’s total banking activity scored EGP 10.547bn in 2018
Bank’s capital increased to EGP 2.5bn to help it fulfil its social message to all society segments
The total volume of banking activity of Nasser Social Bank during 2018 reached EGP 10.547bn, including funding for low-income citizens, investment financing, and auto loans.
According to Minister of Social Solidarity and Chairperson of Nasser Social Bank, Ghada Waly, 2018 witnessed many achievements for the bank, such as growing its capital to EGP 2.5bn to help it fulfil its social message to all segments of society.
She explained that the bank has expanded its economic projects based on the social dimension, such as the Mastora project, funded by the Tahya Misr Fund, which contributed towards financing 15,000 projects worth EGP 250m in all of Egypt’s governorates.
Furthermore, she pointed out that the mechanism of the bank’s work is based on two arms, one social by contributing to the expansion of the base of social solidarity between citizens, and the other is a banking arm that aims to provide banking and financial services and realise profits that can contribute to the achievement of the social side.
According to Sherif Farouk, first deputy chairperson of the bank, they decided to disburse a 12.5% interest on saving accounts for the fiscal year 2017/18, which is one of the highest rates in the market.
He added that the bank has also introduced the Rad El-Gemil certificate for the elderly or those over 70 years, bearing an interest of 17% for one year disbursed annually, noting that proceeds from selling this certificate reached EGP 47.29m.
Moreover, Farouk pointed out that the bank’s financial indicators revealed that the social activity has contributed effectively toward achieving social welfare of low-income citizens, where the amount of money spent in social solidarity amounted to EGP 800m benefitting 1.8 million people.
Spending on social dimension was diverse, where the bank spent EGP 41.2m on subsidies and cash and in-kind assistance to the neediest families, in addition to EGP 260m worth of zero-interest loans for 37,000 beneficiaries, as well as 46m spent on zakat for 1.7m people, according to Farouk.
Additionally he added that loans for beneficiaries of addiction survivors reached EGP 1.08m.The bank also embarked on financing the delivery of gas to households through injecting funds worth EGP 275,000.
Farouk stressed the keenness of the bank to provide brand new and advanced services in line with modern electronic systems, to suit the needs of different segments of society,where it cooperated with Fawry to disburse pensions and salaries through the company’s outlets, to save time and effort for pensioners.
He explained that the alimony service was also provided through mobile phones to 15,500 beneficiaries.
“Nasser Social Bank also supported the furnishing and equipping of residential units for the most vulnerable citizens in the Ahalina area to 1,096 units funded with EGP 11.442m, to Asmarat - Mahrousa and Rawdet El Sayeda with EGP 20m.
The bank also funded the rural house project in the Kalabsha area in Aswan with EGP 30,000 per unit with zero interest,” Farouk said.
Farouk revealed the bank’s approval for the establishment of a charity fund to serve all purposes aimed at developing a societal service, especially the protection of people with disabilities, with a capital of EGP 50m, in which the bank will contribute EGP 30m.
Sherif Farouk, first deputy chairperson of the Nasser Social Bank