NBE Launches New Salary Transfer Service

National Bank of Egypt (NBE) will launch a new service for salary transfer customers before the end of the current year enabling customers get a percentage of their salaries before being disbursed by the employer.

New service will be launched by the end of current May, sources said.

This service will be available for two segments depending on the value of the salary. The first enables withdrawing 50% of the total value of the salary. The second enables withdrawing up to 80% of the salary. Interest rate on this product will be competitive as it will be close to that of credit cards, especially that there are few banks who offer this service, sources added.

NBE’s retail banking portfolio registered EGP 18.7 billion, an increase of 6.9%, in the third quarter of FY 2011/2012, up from EGP 17.5 billion at the end of June 2011. The Bank targets increasing the portfolio to EGP 19.5 billion by the end of the current fiscal year.