Owing to its pioneering position in the field of electronic collection services, Banque Misr recently signed a collaboration agreement with Kashier Payment Solutions (Kashier) for rendering and developing the company’s electronic collection services, using banking cards and e-wallets via QR Code. The event was attended by numerous Bank executives and aims to expand the outreach of electronic payments and make them accessible to various social segments. This is in order to facilitate transactions and drive digital transformation, which has come to constitute a significant requirement, especially in light of the current circumstances imposed by the pandemic, which has driven the use of digital service platforms.

As such, Banque Misr has been keen on expanding the provisioning of digital services to its customers, in addition to launching the first digital bank in the Egyptian market, in an effort to drive the goals of financial inclusion as a national objective. This also comes in line with the policies of the National Electronic Payments Council, namely stimulating the use of electronic payment means and channels instead of cash.

Kashier will assume the role of service provider and facilitator, in collaboration with Banque Misr, with this collaboration being one of the many successes of the Bank in the domain of electronic payments. The Bank was also a pioneer in offering electronic collection services via QR Code, through the Meeza digital network – the national converter of mobile phone wallets. Banque Misr was also the first to provide withdrawal and deposit services for all e-wallets, through its ATM network, in order to enable individuals to transfer cash through their electronic wallets and withdraw the funds instantly; whereby Banque Misr is considered the first to have offered payment via mobile, through its BM Wallet.

Mr. Ihab Dorra – Head of Branches and Retail Banking – stated that the collaboration with Kashier for the provisioning of electronic services aims to facilitate payment for technology users, while underscoring the Bank’s adoption of digital transformation and innovation as a key pillar. He reiterated that the services offered by the Bank are based on technological foundations, rooted in the increased usage of mobile phones and computers. Mr. Dorra added that introducing the elements of digital transformation into the banking sector will further contribute to improving banking and financial services; while Banque Misr’s support of fintechs will capitalize on new promising paths for economic and financial development.

On his part, Eng. Khaled Raslan – Chief Executive Officer of Kashier – asserted the company’s appreciation of this opportunity, owing to Banque Misr being one of the largest pioneers in the field of electronic payments in Egypt. He stressed the significance of this cooperation in fulfilling Kashier’s strategic objectives; namely offering electronic collection services to the largest possible base of merchants and MSME owners.

Worth noting is that Kashier Payment Solutions was established in 2017 and provides a multitude of payment acceptance services – both cash and electronic, immediate or in installments – online and via POS. This enables all merchants and customers to utilize a unified platform for the payment and acceptance of payments.