Owing to Banque Misr’s status as a pioneer of electronic collection transactions and one of the largest Egyptian banks operating in the field of electronic payments and cards, the Bank recently signed a collaboration protocol with Zoomcar Egypt. Representing the Bank was Mr. Ihab Dorra – Head of Branches and Retail Banking – and representing Zoomcar Egypt was Mr. Hani Olama – Deputy Chairman of the Board and Regional Manager, Egypt. Pursuant to the protocol, Banque Misr is set to render integrated electronic payment services to the company; including various electronic collection services, Zoomcar’s mobile application via banking cards, as well as through BM Wallet and other e-wallets via QR Code.

Worth noting is that Zoomcar Egypt offers its services through the company’s easy-to-use platform, providing services that enable citizens to easily access secure mobility; whereby cars may be conveniently leased through the application at reasonable prices. Moreover, car owners are able to register their vehicles for lease and obtain a free checkup at the start of the journey; enabling them to acquire a satisfactory return at the greatest possible flexibility and 100% insurance coverage, in the event of any damages, as per applicable terms and conditions.

Mr. Ihab Dorra stated that signing this protocol comes in line with Banque Misr’s belief that technological development – embodied in web portals and smart phone applications – has become the fastest variable impacting the global economy today, making staying abreast with such advancements a necessity for supporting a growing economy and furthering fintech companies that have become an integral part of the national economy. He reiterated that signing this protocol is aligned with Banque Misr’s pioneering role in offering electronic services and electronic collection solutions, while supporting state efforts in implementing financial inclusion. It also underscores the Bank’s strive for localizing advanced technological services in all transactions.

On his part, Mr. Hany Olama commended this partnership, stating: “Zoomcar Egypt envisions expanding its operations in Egypt and is intent on pumping investments valued USD 25 million into the market. Launching our operations in Cairo, we seek to expand into additional governorates and cities; to include Alexandria, Sharm El-Sheikh, Hurghada, Daqahlia and Gharbia in 2022. We are pleased to cooperate with Banque Misr at this stage, owing to its extensive experience in the Egyptian market; especially in the fields of fintech and digital technology.”

This cooperation is one of numerous successful endeavors undertaken by the Bank in the domain of electronic payments. Banque Misr was one of the first banks to offer the acceptance of electronic payment through its platform, which enables all entities, authorities and corporations to implement electronic collection services with clients; via internet and mobile. The Bank has also been 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.