EALB Eyes to Apply ACH-Dept to Collect Mortgage’s premiums

Egyptian Arab Land Bank (EALB) is planning to apply Automated Clearing House (ACH) department  in cooperation with the  Egyptian Banks Company (EBC) for technological advanced in order to make the best use of it in collecting the mortgage’s premiums from the bank’s customers.

An official banking source said the mortgage portfolio registered EGP600 million during the current phase and his bank is targeting to attain EGP1 billion by the end of the current year, stressing that applying ACH will improve collecting the premiums from clients.

Mohamed Kamel Bayoumi. Managing Director and Director of EBC has previously illustrated that the numbers of banks that apply transmitter & receiver services through ACH became 9 banks in addition to 4 banks apply  receiver services only and 6 banks in the testing phase to apply new services.

Meanwhile, EBC was established in partnership between the Central Bank of Egypt (CBE) ,Ministry of Finance and a number of Egyptian banks to work on reducing the reliance on Cash and monetary  transactions, whether for individuals or institutions, aware them regarding  the importance of using of electronic payments.