Kuwait’s National Bank receives approval to launch smart wallet in Egypt

National Bank of Kuwait–Egypt (NBK), the Gulf Arab state’s largest commercial lender,  has received the central bank of Egypt approval to launch a smart wallet in the Egyptian market according to a source with knowledge.

The sources further noted that the bank seeks to launch the new service for the customers during the upcoming period.

The E-wallet would include bunch of services that would allow the customers to pay all kinds of bills, transfer cash among other services that cater to their needs.

In addition, NBK’s retail portfolio has exceeded 30 billion Egyptian pounds by the end of April, distributed by 26 billion pounds for personal deposits and 4 billion pounds for clients loans.

National Bank of Egypt (NBK) posted a 2.6% rise in profits during the first quarter of this year, reaching  509.99 million pounds  at the end  March 2019, compared to 496.89 million pounds during the same period last year.