The National Bank of Egypt (NBE), the country’s largest bank in terms of general assets, number of branches and employees, has implemented several facilities through its Al Ahly Net and NBE cellular application for its virtual banking strategy.
Hisham Okasha, president of the NBE, noted that the new ones are a component of the institution’s virtual transformation strategy. The bank plans to offer new types of Virtual Banking Array that can now be considered as essential due to COVID-19.
Okasha said the national virtual generation adoption plan aims to inspire local consumers to transact online, rather than relying on money bills that may no longer be due to the coronavirus outbreak.
Egypt’s virtual transformation strategy also aims to facilitate access to virtual platforms for consumers and on-premises businesses by improving the user experience. Okasha also said the bank plans to help consumers reduce the frequency or number of visits they will have to make to physical branches to meet their banking needs.
He said the NBE had updated its legacy generation infrastructure so that the bank could maximize its monetary services.
Yehia Aboul Fotouh, vice president of the NBA, said the new virtuals evolved after conducting applicable studies that took into account the bank’s customer feedback.
It states that more than 2. 7 million consumers have subscribed to the Al Ahly Net service (which supports virtual money services).
Like other MENA countries such as the United Arab Emirates, Qatar and Saudi Arabia, Egypt has followed cutting-edge monetary generation solutions. Cairo-based Fintech Paymob recently obtained funding to expand e-commerce platforms for SMEs, while supporting online invoices through virtual and offline channels.
In June 2020, Tpay Mobile, a virtual commercial acquirer of MENA in Cairo, Egypt, announced that it had acquired Payguru, a Turkish payment company.
Payguru supports cell phone bills, ATM money bills and bank removal services. The company has incorporated its platform with cellular network operators and giant banks.
Also in June, Egyptian financial technology expert Mohamed Okasha said the country needed a more specialized budget, particularly for the progression of monetary technology.
FinancialFellows, in Cairo, secured $4 million in capital through an A-series directed through Partech and Sawari Ventures. In May 2020, Buy Now Pay Later Fintech Shahry acquired $650,000 in initial funding from Egyptian Gulf Holding for monetary investments.