Banque du Caire on track to launch a new e-payment firm: Fayed
Banque du Caire, Egypt’s third largest public state-lender, is on track to establish a company for electronic payment (e-payment) according to its chairman Tarek Fayed.
The move is a step forward towards supporting expansion plans in the field of digital transformation and financial inclusion.
He added that the bank has succeeded in launching a number of digital services and products, most notably the mobile and the internet banking, which witnessed a surge in the number of customer during 2020 reaching 67,000 customers, with a growth rate of 570 percent compared to 2019.
The bank’s restructure of its mobile phone wallet “Cairo Cash” has led to an increase in its subscribers to more than 500,000, with a usage rate higher than 10 percent, which higher than the targets set by Central Bank of Egypt
The third quarter (Q3) of 2020 also witnessed the signing of a cooperation agreement with Etisalat Misr in order to manage the company’s electronic wallet, as a banking partner and provide a package of the best banking services.
The step has increased the total number of customers benefiting from phone payment services at Banque du Caire for “Cairo Cash” and “Etisalat Cash” wallets to 2 million customers.
As the result of bank’s continuous efforts to develop electronic payment services, it has obtained the CBE licence for e-payment through Point of Sale devices (POS), a new addition to the digital payment package offered by the bank to its customers.
E-payment services via QR-Code have also witnessed a monthly growth rate of approximately 38 percent, with the number of sellers reaching 17,532 until late September 2020.
On the other hand, the total number of credit cards at the end of 2020 reached 136,000, with an increase of 33 percent and an estimated balance of 576 million Egyptian pounds, an increase of 63% compared to 2019.
The bank also opened the first digital branch, while continuing to expand geographically by opening new branches and developing existing ones, the Chairman noted
The bank now has 241 branches and banking units in the various governorates in its network of branches. The aim is to reach customers wherever they are, and provide banking services with the highest level of efficiency and quality.
