Egypt’s Nasser Social Bank, Egypt Post partner to expand financial services nationwide

Egypt’s Nasser Social Bank signed on Sunday a cooperation protocol with Egypt Post to expand access to banking and financing services, strengthen financial inclusion, and improve service delivery for pensioners and beneficiaries of social protection programmes.

Under the agreement, pension and salary beneficiaries will be able to receive their payments through the 123 Shared Cash Network, allowing them to collect their financial entitlements closer to their place of residence without visiting bank branches.

The protocol also enables post offices to receive files related to the bank’s pension and alimony beneficiaries and forward them to the bank for review and approval, streamlining procedures, reducing processing times, and improving service efficiency.

In addition, Nasser Social Bank customers will be able to settle outstanding payments through post offices, providing more payment options and eliminating the need to visit bank branches.

The partnership also offers special financing benefits to pensioners who deal with Egypt Post, allowing them to access the bank’s financing programmes at competitive interest rates and on simplified terms designed to meet their needs and improve their living standards.

The partnership supports the state’s efforts to digitise government services and expand digital financial services under the Strategic Financial Framework for Economic Empowerment. It aims to reduce congestion at bank branches and provide faster, more efficient services through Egypt Post’s nationwide network of post offices, extending access to citizens across all governorates, including remote areas.

Attribution: Amwal Al Ghad English