National Bank of Kuwai to launch Meeza prepaid card in Egypt

National Bank of Kuwait–Egypt (NBK), the Gulf Arab state’s largest commercial lender, signed a cooperation protocol with the Egyptian Banks Co. for Technological Advancement (EBC) to launch Meeza prepaid card.

The protocol was signed on Wednesday by Head of Business Group at the NBK Amr El Alfy and Managing Director of EBC Ahmed Rabea.

Through this action, NBK will be the second bank that is operating in Egypt to launch Meeza cards after the National Bank of Egypt (NBE).

NBK’s Egypt Vice Chairman, Managing Director and CEO Yasser El-Tayeb said this move aims to boost the bank’s range of banking products, which contributes to expanding the umbrella of using electronic payment instruments and channels.

The issuing of the card is consistent with the Egyptian government’s and Central Bank of Egypt’s (CBE) policy of supporting financial inclusion and integrating new categories of customers in the official banking system.

“This will help in the implementation of cash withdrawal transactions and the enforcement of the digital cashless society plan as one of the objectives of the sustainable development strategy in line with the vision of Egypt 2030,” said El-Tayeb.

NBK Egypt injects great investments to develop the electronic payment channels, adding that this is part of the bank’s endeavor towards product integration between NBK Egypt and the parent group in Kuwait in a way to promote the bank’s competitiveness in the Egyptian market.

El-Alfy said Meeza card represents a new link in NBK Egypt’s advanced electronic services chain, which enables customers, whether individuals or companies, to perform a variety of banking transactions.

“An example of these services is the recent approval obtained from the CBE to launch ‘NBK Online Services for Companies,’ which is in line with the previously launched service for individuals ‘NBK Online Banking,’ which allows individuals and companies to manage their commercial activities and banking transactions, in addition to performing several banking services via internet without the need to visit bank branches,” according to El Alfy.