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Dam Press:
The Central Bank of Syria has issued a decision allowing microfinance banks to open their own offices in large commercial complexes, “shopping centers”, flexible office service companies, universities, citizen service centers or any place of a similar nature, specifying the activities that can be provided by these offices in accordance with the provisions described therein.
The bank explained that the decision was made within the framework of its work to support microfinance banks established under Law No. 8 of 2021 and its administrative instructions, in order to enhance access and spread of this type as much as possible. The bank, on the one hand, opens various outlets as widely as possible in the country to cover target customers, and on the other hand, appropriately reduces operating costs for this purpose while keeping pace. In line with the government’s inclusive financial approach, efforts are made to gradually carry out as many operations and transactions as possible through banking channels.
The Central Bank confirmed that, in accordance with the decision, banking offices of microfinance banks that can be opened in the above-mentioned locations can carry out a number of important banking activities allowed for general banking offices, namely opening current accounts and preparing files of clients who wish to obtain financing or loans from the bank, and accepting installment financing or loans, in addition to marketing the services and products offered by the bank, in a manner similar to the activities allowed for banking offices opened in independent head offices, with the exception of (accepting deposits) and the possibility of handing over the amount of loans granted, which still falls within the jurisdiction of independent banking offices and branches.
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