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Banque Misr Signs Collaboration Agreement with NCEDC for Providing Electronic Collection Services
Owing to Banque Misr’s pioneering status in the field of collection of electronic transactions – being one of the largest Egyptian banks to operate in the area of e-cards and payments – the Bank recently concluded a collaboration agreement with North Cairo Electricity Distribution Company. The agreement was signed by Mr. Ihab Dorra – Head of Branches and Retail Banking at Banque Misr – and Eng. Hossam Afifi – Chairman of NCEDC. The agreement aims to provide and develop collection of online payment transactions, for all services offered by NCEDC within the greater Cairo area, by accepting bank cards via POS as well as through BM Wallet and other electronic wallets via QR Code. This comes in light of Banque Misr’s strive to expand the reach of online payment and make it available to all social segments, with the objective of facilitating payments and providing exceptional services; ultimately contributing to the goals of financial inclusion as a national goal of the state. It also comes in line with the policies of the National Council for Payments, by driving the use of electronic means and channels as an alternative to cash payments.
Worth noting is that this collaboration is expected to reflect positively on the interests of citizens, as it is set to allow more than 4.3 million subscribers to pay for the services provided by NCEDC. Banque Misr in turn, will provide POS devices at NCEDC outlets, allowing customers to pay via banking cards and electronic wallets by way of QR Code. As such, the collaboration is considered another successful endeavor by the Bank, which played a pioneering role in offering online payment collection through QR Code via the “Meeza” digital network – the national provider of mobile wallet transactions. Banque Misr was also the first bank to provide withdrawal and payment services for online mobile wallets through its extensive ATM network, enabling customers to perform cash transfers through their mobile e-wallets and make immediate withdrawals at the receiving end. The Bank has also led the provisioning of mobile payment services, through its BM Wallet application.
Banque Misr has always sought to stay abreast of all the changes witnessed by the banking sector, while expanding the automation of banking transactions. Accordingly, the Bank has signed a protocol of collaboration with the public and private funds and the government fund at the National Organization for Social Insurance, for automating NOSI’s payments to beneficiaries; such end of service gratuities, compensation and various frozen funds. This is in addition to the Bank’s establishment of a comprehensive system for automating all government payments – whether those targeting employees of the government apparatus, i.e. the automation of salaries, or those pertaining to the dues payable to government entities (taxes, customs) – through advanced mechanisms and technologies. These were distributed through more than 700 Banque Misr branches in Egypt. The Bank also entered numerous partnerships with the aim of providing society with electronic payment options; such as that concluded with Visa, Exon Mobil, Fawry, Egyptian Post and others.
Banque Misr has always been keen on supporting the efforts of digital transformation by providing electronic solutions that contribute to improving the provisioning of banking and financial services. To that effect, the Bank seeks to offer exceptional services and maintain its legacy of success and effective participation, while fulfilling the needs of its customers. The values and strategies adopted by Banque Misr have consistently centered on its unwavering commitment to achieving sustainable development and prosperity for Egypt.