Nasser Social Bank allocates 100mn Egyptian pounds for tech upgrade

Egypt’s Nasser Social Bank (NSB) is planning to spend around 100 million Egyptian pounds ($) to upgrade its information technology systems, its chairman Mohamed Shoman announced Wednesday.

As part of technology system upgrade plan, Nasser Bank seeks to conclude cooperation with the National Bank of Egypt to adopt the shared cash network commercially “123”, Shoman said. Therefore, NSB clients will have access direct access to their different accounts at any time and from anywhere through the ATMs carrying the “123” logo.

The bank has added so far further 43 ATMs amidst plans to reach 98 soon, he added.

NSB is still negotiating over $1.2 million grant from the African Development Bank (AfDB) to finance a restructure plan aimed to develop and diversify the Egyptian bank’s products and services to help achieve financial inclusion for the poor eventually, Shoman said.

This will be the first foreign credit facility Nasser Social Bank could secure.