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Banque Misr Signs Protocol of Collaboration with the National Authority for Tunnels in Support of the Electronic Collection System
Owing to Banque Misr’s pioneering role in provisioning electronic services, the Bank has recently signed a collaboration protocol with the National Authority for Tunnels, in support of the electronic collection system relating to all NAT projects (first, second and third metro lines  as well as the electric train and monorail). The protocol was signed by and between Mr. Akef El-Maghraby – Vice Chairman of the Board of Banque Misr – and Eng. Essam Abdel Qader Waly – Chairman of NAT, in the attendance of Mr. Ihab Dorra – Head of Branches and Retail Banking at Banque Misr and a number of senior officials representing both parties.
The protocol aims to provide POS devices and QR Code for collections made through various cards (Visa, Mastercard, Meeza – regardless of the issuing bank) or via electronic wallets.
The signing of this protocol comes in line with Banque Misr’s support for transformation to a cashless society and the completion of all banking transactions conveniently and safely, especially due to the current COVID-19 crisis. Individuals are demonstrating a clear preference for social distancing and the use of electronic services as a safe alternative, which contributes to fulfilling the goals of financial inclusion as a national state objective, as prescribed by the National Council for Electronic Payments. The Bank acknowledges the use of technology as an imperative instrument for maintaining its leading role in the Egyptian banking scene. Furthermore, introducing digital transformation elements into the banking system will substantially contribute to improving banking and financial services, while paving the way for capitalizing on new pathways towards economic and financial development. This is with the aim of supporting and enabling more social segments to access suitable financial solutions.
Worth noting is that Banque Misr attaches great importance to financial inclusion and works in alignment with the plan by the Central Bank of Egypt. To that effect, the Bank has offered various services for salary automation – targeting the business, private and public sectors – by offering a suite of salary transfer products (salary cards, salary accounts). The total number of companies contracting with the Bank amounts to 1443 companies, with a total of 969.5 thousand cards and more than 62 thousand accounts. This is in addition to rendering electronic payment services for taxes and customs. Insofar as electronic products, Banque Misr has expanded the issuance of the BM Wallet, which currently stands at 1.4 million; whereas POS number some 250 thousand points, indicating the reliance on these services by customers for various transfer and payment transactions.
It should be noted that Banque Misr has been ranked first for the fifteenth consecutive year, since the initiation of the Ministry of Finance’s salary automation initiative, with a market share of 48%, representing 2.6 million cards associated with 1400 government entities. Total salaries transferred annually through the Bank - of both the public and private sector - has surpassed EGP 98.5 billion.
Banque Misr is keen on supporting digital transformation efforts, so as to improve the provisioning of banking and financial services, while striving to enhance 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.