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Banque Misr Signs a Partnership Agreement with Fintech Company “GEIDEA” to Promote POS and the Acceptance of Electronic Payments in Egypt
14/04/2021
Banque Misr announced its signature of a partnership agreement with GEIDEA, a fintech and payment solutions company. The agreement was signed by Mr. Ihab Dorra – Head of Retail Banking at Banque Misr – and Mr. Ahmed Nader – Director of GEIDEA Egypt. The partnership will enable the rendering of a complete suite of payment solutions and e-commerce services to the Bank’s vendors and partner institutions.

 
By virtue of this agreement, GEIDEA will offer integrated electronic payment acceptance services to vendors and small and medium enterprises, who are Bank partners, thus promoting thousand of online POS throughout Egypt. This is in addition to providing specialized e-commerce services to enable vendors to accept various payments made online using all types of cards; as well as promulgating the use of QR Code service via POS and e-commerce. These services also include an installment payment service for holders of Banque Misr credit cards.

 
Mr. Ihab Dorra – Head of Retail Banking at Banque Misr – asserted that the Bank continuously seeks to partner with leading fintech and electronic payment companies with the aim of launching advanced technological services targeting all customer segments. This is in order to support efforts exerted at all levels to enhance financial inclusion in Egypt, as envisioned by the state’s official and strategic direction. This, in turn, contributes to attracting wider social segments, through incorporating new technological services in partnership with leading electronic payment companies. He added that the partnership with GEIDEA is a step in the direction of driving financial inclusion, due to the focal role it plays and the positive impact it contributes to maximizing economic growth and social development.

 
On his part, Mr. Ahmed Nader – Director of GEIDEA Egypt – stated that: “We are extremely pleased to be partnering with Banque Misr, which is a leading bank in the field of electronic payment in Egypt – a promising and vibrant market for our company. Since its inception, GEIDEA has been able to carve a distinctive positioning for itself in the domain of provisioning digital payment solutions, POS services and business management solutions for financial institutions and SMEs in all economic sectors. Today, it renders support services to a network of more than 600,000 POS devices and ATMs. We are confident that this agreement will enhance our presence in Egypt and the region and will drive the growth of electronic payment and e-commerce services in the country.”

 
Mr. Ahmed Magdy – Commercial Sector Head at GEIDEA – added: “GEIDEA seeks to enhance the growth of the electronic payment market in Egypt by offering comprehensive services that render quick, seamless and secure electronic transactions and POS services; allowing vendors and SMEs the required resilience to manage their operations effectively and efficiently. Simultaneously, it provides its customers with innovative solutions that accommodate their various needs and requirements.”

 
GEIDEA offers an extensive range of services in the domain of e-commerce, electronic payment solutions and business management solutions for vendors and SMEs; including an integrated system of the latest technologies and smart payment devices that meet the needs of the retail and restaurants sector. This is while allowing entrepreneurs and vendors – through web portals – access to a complete suite of e-commerce services; ranging from building websites, to integrating payment portals with their current sites and the ability to accept remote payments from anywhere in the world via electronic payment links.
 
Mr. Moataz Metawee – Head of Cards Business, Payments and E-channels at Banque Misr – stated that the Bank has achieved a significant milestone in the number of POS; which increased exponentially from 19,000 to 167,000 as at December 2020, at a total transaction value of some EGP 180 billion. Insofar as other services, Banque Misr is ranked first for payment transactions via QR Code, with a market share of 40% of monthly transactions. In terms of e-commerce, the Bank has achieved the highest growth rate in the market of e-commerce services, while working to support financial technology in the coming years as part of its strategy. This is with the aim of offering outstanding banking and financial services that enable additional social segments to access suitable solutions. Also worth noting is that the transactions of Banque Misr cards posted the highest growth in e-commerce transactions for the year 2020.

 
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 consistently 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.