Banque Misr has cooperated with Visa Inc. and ExxonMobil Egypt to launch a unique strategic partnership to increase electronic payment acceptance for petrol services through 100 Exxon Mobil stations in the first phase.
The announcement of the partnership came during a ceremony held to promote efforts to achieve financial inclusion, which is considered the basis for economic development and boosting growth. This is achieved through the provision of comprehensive financial services to the various segments of society through official channels.
The strategic partnership aims to enable Visa cardholders to use their cards in participating ExxonMobil stations and to expand electronic payments acceptance at these stations. Banque Misr is boosting this partnership by deploying electronic payment acceptance machines at participating stations, as well as designing loyalty programs and rewards for participating stations and cardholders who use their cards to pay for the different services within the stations.
This partnership constitutes a powerful example of the combined efforts of leading institutions such as Banque Misr, one of Egypt's largest banks, Visa Inc., the world leader in electronic payments, and ExxonMobil Egypt, the leader in petroleum products technology, to contribute to financial inclusion and expand electronic payments acceptance, allowing for greater benefits for traders, consumers and the Egyptian economy as a whole.
Deputy Chairman of Banque Misr Akef El-Maghraby moreover affirmed during the ceremony: "Banque Misr is consistently striving to promote efforts towards financial inclusion, which is the official and strategic direction adopted by the state. The strategy aims to increase and enhance financial and banking knowledge, leading to a gradual transition to a cash-free society."
"This in turn contributes to attracting more segments of society through innovative technological services to support electronic payment methods, in view of the weight of financial inclusion in maximizing the rates of economic growth and social development," he added.
This partnership is among the activities that will contribute to motivating citizens by providing them with basic needs, including petroleum services, as well as the use of diverse electronic payment options provided by Banque Misr to meet the needs of the various segments of society. Changing the cash culture in society requires the concerted efforts of different partners and the provision of incentives to ensure that the cardholder and merchants' preference to enter the electronic payment system.
It is worth noting that Banque Misr recently achieved a new breakthrough in the field of electronic payments. The bank has developed an integrated system to automate all government payments, as an extension of the bank's established achievements in the field of electronic payment cards, through the use of the latest global systems in the field of electronic payment technology. This enabled him to obtain the data and information security certification, PCI-DSS, making it the first Egyptian bank to receive it.
For his part, Executive Director of Visa Egypt Tarek Mahfouz said: "We are proud of this strategic partnership with Banque Misr and ExxonMobil Egypt. This partnership cements the principle of all partnerships undertaken by Visa in the Egyptian market with a view to achieving financial inclusion, expanding the acceptance of digital payments and changing the culture of cash handling."
"This partnership is a true example of multi-party cooperation to achieve these goals, which are consistent with the state's direction towards electronic payment reliance and the provision of banking services to all segments. In the framework of this partnership, we believe that all the parties are very keen to provide benefits to the cardholders and participating Mobil stations through loyalty programs and rewards designed to spread acceptance in this vital sector," he continued.
Sherif Serageldin, Managing Director and Vice Chairman of Exxon Mobil Egypt, said: "Over its history that has extended for the past 115 years, ExxonMobil Egypt has been working closely with strong economic entities that contribute value to the communities in which they operate."
"The Egyptian economy will be restored through the dissemination and expansion of the culture of electronic payments, which will contribute to the achievement of significant economic benefits and in line with our leading role in providing the best technology in the field of petroleum services. We are fully aware of the role of technology in spreading the culture of electronic payments and increasing dependence on them in citizens' daily transactions," he noted.
Further, Banque Misr has affirmed the importance of enforcing financial inclusion as an inevitability and a priority for banks in Egypt in the upcoming period. Banks must unite their efforts with those of the Central Bank of Egypt to take effective steps towards achieving a qualitative leap in the Egyptian economy through boosting financial inclusion