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Banque Misr Concludes Collaboration Agreement with Masary for the Provisioning of Banking Transactions such as Acceptance of E-payment Cards and QR Code
Following an aligned strategic vision to facilitate payment transactions for Egyptian citizens and in supporting state efforts towards financial inclusion and a cashless economy, Banque Misr concluded a collaboration agreement with Masary, in order to enable the company to provision certain banking transactions; such as acceptance of e-payment cards, “Meeza” cards and payment through QR Code. This comes in line with Banque Misr’s pioneering role in the field of electronic payment collection, being one of the largest Egyptian banks operating in e-cards and payments. The Bank had contributed to Masary’s acquisition of “Payment Facilitator” license from the Central Bank of Egypt, which enabled the company to offer a number of banking transactions to its customers.
Mr. Akef El Maghraby – Vice Chairman of Banque Misr – stated that this collaboration comes within the framework of digital transformation and innovation, which is deemed a key tenet of the Bank’s business. He highlighted the importance of adopting cutting edge technologies in the provisioning of services to customers, since technology has become imperative, especially with the increase in mobile phone and tablet use. As such, technology-based services have become necessary for the Bank to maintain its leading status in the Egyptian banking industry, whereby introducing digital transformation components to the banking system will substantially contribute to improving the provisioning of banking and financial services. Moreover, Banque Misr’s endorsement of digital transformation and financial technologies will enable the utilization of new streams that are promising for economic and financial development, for the purpose of supporting growth and enabling more social segments to obtain suitable financial solutions.
On his part, Mr. Ihab Dorra – Head of Branches and Retail Banking at Banque Misr – stated that today, technology has become the most rapidly changing variable in the global economy. He added that staying up to date on such colossal technological development has become of the utmost importance and therefore, Banque Misr seeks to localize advanced technological transactions in all its functions, so as to stay abreast of all global developments in the field.
Mr. Mohamed Nagy – Chairman and Managing Director of Masary – stated that the current year has witnessed a substantial volume of electronic payments, in light of the CBE’s initiative for driving e-payments and curbing the use of banknotes. Nagy reiterated that due to the circumstances and recent developments, Masary supports the strive of the Egyptian state towards the utilization of smart payment solutions and cashless transactions, which contributes to mitigating the spread of COVID-19 and achieves higher rates of financial inclusion. He concluded by stating that the company seeks to raise awareness so as to ensure the success of the e-payments system.
On his part, Mr. Mohamed Al Amawy – Marketing and Business Development Manager at Masary – noted that the company is ready to launch payment services through more than 20,000 POS and more than 50,000 sales outlets accepting QR Code, throughout Egypt. Al Amawy added that the company’s trade sector is targeting additional expansion plans over the coming months so as to increase POS accepting payments via QR Code, e-cards and wallet transfers, reiterating that Masary will soon be launching a campaign for training Egyptian vendors on the importance and use of new banking services. He clarified that this was the first cooperation between Masary and Banque Misr; with the company seeking expansion in the provisioning of banking services.
This comes within the framework of driving technology-based means that support digital transformation in Egypt and the support of financial inclusion; which involves providing all financial services to various social segments via formal channels.