{"id":565183,"date":"2021-03-24T13:49:10","date_gmt":"2021-03-24T13:49:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/24\/life-is-about-to-get-easier-for-small-businesses-that-want-to-go-legit\/"},"modified":"2021-03-24T13:49:10","modified_gmt":"2021-03-24T13:49:10","slug":"life-is-about-to-get-easier-for-small-businesses-that-want-to-go-legit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/24\/life-is-about-to-get-easier-for-small-businesses-that-want-to-go-legit\/","title":{"rendered":"Life is about to get easier for small businesses that want to go legit"},"content":{"rendered":"

<\/a> SMART POLICY- Life is about to get easier for small businesses that want to go legit: <\/strong>The Central Bank of Egypt is pushing through procedures that will make it easier for micro-businesses and self-employed folks to open business accounts at the nation\u2019s banks. The changes involve reducing the number and complexity of know your customer (KYC) documents banks have to ask for before they open an account, the CBE said today in a statement (pdf)<\/a>.<\/p>\n

What do the guidelines say?<\/strong> The only hard requirements for unbanked micro-businesses, freelancers, and craftsmen are a national ID and a new account application declaring their venture\u2019s line of work. In case the occupation stated on the business or venture owner\u2019s ID doesn\u2019t match the application, the bank would ask for supporting documents including syndicate membership cards, occupational licenses, tax or social security registration, or a letter from the Labour Bureau. Micro-enterprises lacking a commercial registration will also be allowed to submit property ownership or rental contracts for their base of operations, while freelancers and craftsmen would be asked to hand over utility payment receipts to document their place of residence.<\/p>\n

State-owned National Bank of Egypt will start opening accounts under the new rules<\/strong> as early as next month, the bank\u2019s head of products and financial inclusion, told Masrawy earlier<\/a>this week<\/a>. The bank will impose an EGP 100k monthly limit on accounts set up by self-employed individuals, and an EGP 200k ceiling on micro-enterprise accounts that provide formal documentation.<\/p>\n

BACKGROUND: <\/strong>The move comes under new KYC regulations introduced by the CBE last<\/a>October<\/a> allowing small businesses and self-employed individuals to open bank accounts by declaring their occupation \u2014 a bid to encourage more individuals to join the formal economy, boost financial inclusion, and boost enterprise growth through access to credit.<\/p>\n","protected":false},"excerpt":{"rendered":"

SMART POLICY- Life is about to get easier for small businesses that want to go legit: The Central Bank of Egypt is pushing through procedures that will make it easier for micro-businesses and self-employed folks to open business accounts at the nation\u2019s banks. The changes involve reducing the number and complexity of know your customer […]<\/p>\n","protected":false},"author":1,"featured_media":565184,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10112],"tags":[204,633,290,343,287],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-financial-inclusion","tag-banking","tag-enterprisepm","tag-financial-inclusion","tag-regulation","tag-smes","wpautop","entry"],"acf":{"mongo_id":"74b8fb21-8005-42af-ba62-603c7780f74e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/540.jpg","photo_position":"above","related_issue":[565177],"teaser":"","voice_url":""},"yoast_head":"\nLife is about to get easier for small businesses that want to go legit - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/24\/life-is-about-to-get-easier-for-small-businesses-that-want-to-go-legit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Life is about to get easier for small businesses that want to go legit\" \/>\n<meta property=\"og:description\" content=\"SMART POLICY- Life is about to get easier for small businesses that want to go legit: The Central Bank of Egypt is pushing through procedures that will make it easier for micro-businesses and self-employed folks to open business accounts at the nation\u2019s banks. 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The regulator will run\u2026","rel":"","context":"In "FINANCIAL INCLUSION"","block_context":{"text":"FINANCIAL INCLUSION","link":"https:\/\/enterpriseam.com\/egypt\/category\/financial-inclusion\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561079,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/24\/easy-kyc-for-micro-businesses-freelancers-gets-a-shot-in-the-arm\/","url_meta":{"origin":565183,"position":1},"title":"Easy KYC for micro businesses, freelancers gets a shot in the arm","author":"enterpriseam admin","date":"24 March 2021","format":false,"excerpt":"SMART POLICY- Unbanked micro-businesses, freelancers, and craftsmen will be able to open accounts at the National Bank of Egypt come April with zero admin charges and minimal paperwork, Hala Wagih Helmy, the bank\u2019s head of products and financial inclusion, told Masrawy. Freelancers or craftsmen will only need to provide their\u2026","rel":"","context":"In "FINANCIAL INCLUSION"","block_context":{"text":"FINANCIAL INCLUSION","link":"https:\/\/enterpriseam.com\/egypt\/category\/financial-inclusion\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600862,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/lagarde-emphasizes-importance-of-financial-inclusion-for-smes\/","url_meta":{"origin":565183,"position":2},"title":"Lagarde emphasizes importance of financial inclusion for SMEs","author":"enterpriseam admin","date":"12 February 2019","format":false,"excerpt":"Lagarde emphasizes importance of financial inclusion for SMEs in the Arab world: IMF managing director Christine Lagarde spoke on Sunday in Dubai about the importance of convincing SMEs to join the formal economy in Arab states, according to Zawya \u2014 and banks need to increase their appetite for the segment.\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/2\/1149.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":624990,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/24\/ifc-banque-misr-sign-agreement-to-expand-financial-inclusion-of-women-entrepreneurs\/","url_meta":{"origin":565183,"position":3},"title":"IFC, Banque Misr sign agreement to expand financial inclusion of women entrepreneurs","author":"enterpriseam admin","date":"24 September 2018","format":false,"excerpt":"Banque Misr signed yesterday an agreement with the International Finance Corporation (IFC) to help increase the number of women-led businesses receiving financing from Banque Misr as part of its SME portfolio, according to an emailed statement (pdf). \u201cIFC will work with Banque Misr to conduct market research on the needs\u2026","rel":"","context":"In "Other Business News of Note"","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560314,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/23\/msmes-will-have-an-easier-time-getting-bank-finance-thanks-to-the-cbe\/","url_meta":{"origin":565183,"position":4},"title":"MSMEs will have an easier time getting bank finance, thanks to the CBE","author":"enterpriseam admin","date":"23 February 2021","format":false,"excerpt":"SMART POLICY- Banks are now required to increase micro, small, and medium enterprises\u2019 share of their loan portfolios by five percentage points to 25%, under a Central Bank of Egypt (CBE) directive (pdf). The move is expected to translate into an extra EGP 117 bn in funding for 120k MSMEs\u2026","rel":"","context":"In "SMEs"","block_context":{"text":"SMEs","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/smes\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/335.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598091,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/14\/formalizing-micro-businesses-the-key-to-building-a-strong-sme-sector\/","url_meta":{"origin":565183,"position":5},"title":"Formalizing micro businesses the key to building a strong SME sector","author":"enterpriseam admin","date":"14 May 2019","format":false,"excerpt":"Formalizing micro businesses is the key to building a strong SME sector: Arab governments should make micro businesses the priority of their financial inclusion efforts, Amr Adly writes for Bloomberg. Micro-sized enterprises employing fewer than five people far outweigh SMEs in Egypt, making up more than 92% of all businesses\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=565183"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565183\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565177"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/565184"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565183"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565183"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}