Owing to its pioneering role in the provisioning of electronic services, Banque Misr signed a protocol of collaboration with the Suez Canal Authority (SCA) for automating the payroll of its personnel. The signature was witnessed by Mr. Mohamed El-Etreby – Chairman of Banque Misr – and Lieutenant General Osama Rabie – Chairman of the Suez Canal Authority – and was concluded by and between Mr. Akef El Maghraby – Vice Chairman of Banque Misr – and Mr. Ibrahim Bishara – Director of Financial Administration and Member of the Board of Directors of Suez Canal Authority – in the attendance of a select group of leading executives from both parties. The protocol aims to transfer the payroll of SCA personnel to the Bank, in addition to providing an integrated suite of banking products and electronic services that draw upon the latest cutting-edge technologies available in the banking market, which allow customers to perform their transactions safely and conveniently through various products such as salary accounts, Meeza cards, internet and mobile banking, BM Wallet, credit cards and others.

Signature of this protocol comes in light of Banque Misr’s quest to automate payments and to transform to a cashless society, by electronically transferring the payroll of some 17 thousand SCA personnel to the Bank. Salary cardholders would then be able to make cash withdrawals – at the utmost safety and security – as well as complete all banking transactions conveniently without the need for visiting the branch. This is especially significant in light of social distancing precautions and the use of electronic services as an alternative, due to current circumstances imposed by COVID-19. This is in addition to the Bank’s rendering of comprehensive retail banking products (both conventional and Islamic) that fulfil the needs of all customers and cater to all income segments; thus contributing to the efforts of digital transformation and to making electronic solutions available to all customers. Banque Misr also seeks to expand and drive electronic payments to facilitate transactions, fulfil the objectives of financial inclusion – as a national state objective – and align with the policies of the National Council for Electronic Payments; through promoting electronic payment means and channels as an alternative to cash.

On the sidelines of the signature, the parties agreed to inaugurate an electronic banking branch at the guidance building of SCA headquarters in Ismailia, which is set to render all banking services to employees. This comes in support of SCA, which – since 2013 – has automated the payroll of its personnel in cooperation with Banque Misr. The Bank – in turn – has provided a comprehensive suite of retail banking products to SCA employees, installed 40 ATMs at SCA premises in the three cities of the Canal and  inaugurated a branch at the personnel’s housing facilities in Ismailia to fulfil their needs and automate all cash payments.

Worth noting is that Banque Misr pays special heed to financial inclusion and strives – in alignment with the plan established by the Central Bank of Egypt – to drive the efforts of financial inclusion; the most notable of which is promoting the transformation from a cash to a cashless society. This is by supporting and incentivizing the use of electronic payment means, in line with the policies of the National Council for Electronic Payments – which is Chaired by the President of the Republic – with the aim of reducing the use of tender outside the banking sector and driving the use of electronic payment means and channels instead. As such and to facilitate customer transactions, the Bank has provided various solutions for automating payroll, targeting the public business sector and the private sector, by making available salary transfer products (salary cards, salary accounts) to 1,443 companies with 969.5 thousand cards and more than 62 thousand accounts. This is in addition to providing tax and customs electronic payment services. Insofar as electronic products, the Bank has sought the expansion of the BM Wallet, which numbered approximately 700 thousand wallets as at June 2020, indicating increasing customer reliance on this product in making transfers and paying various bills.

Also worth noting is that Banque Misr has maintained first place for the fifteenth consecutive year, since the launch of the Ministry of Finance’s payroll automation system in 2005, securing a market share of 48% and a total of 2.6 million cards representing some 1,400 entities. The value of salaries transferred to the Bank by both the public and private sector currently amounts to more than EGP 98.5 billion annually.

Banque Misr always strives to support digital transformation efforts by providing innovative electronic solutions to facilitate customers' needs,  in a way that contributes to providing banking and financial services in a seamless and advanced manner. The Bank continuously seeks to improve its services, maintain its long-term success and effectively participate in offering services that fulfil the needs of its customers. This is since the values and strategies of Banque Misr reflect its commitment and dedication to sustainable development and to achieving prosperity for Egypt.