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Banque Misr Signs Memorandum of Collaboration with MoneyFellows to Provide Electronic Financial Services and Facilitate Online Payments
Banque Misr signed a memorandum of collaboration with MoneyFellows, in an effort to expand the services of the company, provide additional electronic financial services, facilitate electronic payments and enhance the trust of users in the application. Pursuant to this agreement, Banque Misr will offer and facilitate its payment services to the users of the MoneyFellows application, in addition to providing the collection methods required by the users of electronic money circles. Both parties are set to explore and establish an operational framework serving users; and to identify a roadmap that offers customers the most appropriate and convenient solutions – whether insofar as money circles or for any other service arising from this collaboration. Included is a suite of payment and collection services; such as electronic payments enabling MoneyFellow customers to pay online via banking cards or e-wallets, through QR Code.
This protocol comes in line with Banque Misr’s belief in the importance of modern technology, which has become the most rapidly-changing variable in the world economy. It has therefore become imperative to keep up with this remarkable technological advancement, which is why the Bank seeks to incorporate such advanced technological services in its transactions and offerings.
Worth noting is that MoneyFellows has witnessed exponential development over the course of the previous four years, with the number of users surpassing one million. The application also caught the attention of numerous investors, with total investments amounting to more than USD 6 million. Through the application, users can subscribe to money circles that suit their needs; by specifying the amount, duration, payment date, method and means of receipt. The company also offers multiple services that provide a comprehensive financial experience to users.
Mr. Ihab Dorra – Head of Branches and Retail Banking at Banque Misr – stated that this collaboration is set to constitute a qualitative leap in the fintech domain and is a substantial contribution to the expansion and proliferation of the services offered by the application. It is also a testament to the cooperation between Banque Misr and small and medium businesses, as well as the Bank’s endorsement of digital transformation, its commitment to supporting various entities and fintech platforms, its promotion of these services and the roll-out of a digital economy.
On his part, Mr. Ahmed Wadi – Founder and CEO of MoneyFellows – stated that, “Our collaboration with such a prestigious entity as Banque Misr is a milestone for MoneyFellows, which will undoubtedly allow us to offer more services and improve existing ones. One of the most significant outcomes of this agreement is ensuring financial inclusion of a large segment of citizens and providing financial services to those without accounts or financial support. This is a stance adopted by the Egyptian state as well as by MoneyFellows.”
The protocol underscores the strive by Banque Misr to adopt the concept of digital transformation and innovation as a pillar upon which to base its services in order to serve customer needs. 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.
Banque Misr always strives to support financial inclusion as a national state objective by partaking in various initiatives and protocols. It also 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.