Egypt- Banque du Caire eyes comprehensive development of mobile payment services: Fayed

Tarek Fayed, Chairperson and CEO of Banque du Caire, said the bank is keen to provide the best financial products and diversified banking services to its customers, while going through a further digital transformation.

"We are keen to provide a banking experience easier and closer to our customers, through the launch of a variety of innovative banking products and services, which coincides with the transition into the digital economy to enhance financial inclusion, such as Internet and mobile banking," he said.

In the area of digital product development, Fayed stressed the need to conduct a comprehensive development of payment services. This can be done through the mobile phone wallet 'Cairo Cash' and the addition of new services to meet the needs of customers. Also there is a need to provide new banking services for a larger segment of customers and encourage them to subscribe and use the service, for instance by facilitating the subscription procedures and reducing the usage fees of the service.

New withdrawal and deposit outlets from the portfolio are now available and will be expanded by making it available through the service providers' outlets. This will save customers time and effort in getting their money from anywhere without visiting the bank's branches.

During the second quarter of this year, the bank launched Internet banking service for retail banking customers.

According to Fayed, the bank intends to launch corporate Internet banking and mobile banking soon to reach different customer segments and meet their needs

Banque du Caire has launched new banking products and services, he pointed out, most notably the debit card and prepaid Meeza cards, by introducing the best global applications in the field of digital banking. This supports financial inclusion, which will help reduce the use of cash.

The bank has issued more than 160,000 Meeza cards so far, including debit and prepaid cards, and focuses on building a strong infrastructure by developing the bank's Core Banking System.

According to Fayed, the bank plans to launch its first smart digital branch this year, and it obtained the electronic acceptance license using the mobile phone through QR Code. This comes in support of the Central Bank of Egypt's plan to become a digital society less dependent on cash, in order to enable a large category of merchants and encourage them to use the service.