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Banque Misr Signs a Collaboration Agreement with Sahel Company for Rendering Collection Services
14/06/2021
Being a pioneer of electronic collection transactions and a major player in the field of electronic cards and services, Banque Misr recently signed a cooperation agreement with Sahel Company for the provisioning and development of the company's electronic collection services; including pre-paid electricity meters and the payment of electricity bills using banking cards and electronic wallets, as permitted through QR Code, via the mobile app offered by Sahel. Users will also be given the opportunity for obtaining 5% cash back for a limited time period.  

The signing of this protocol comes in light of Banque Misr's expansion of electronic services and offering them to all social segments, for facilitating transactions and rendering an exceptional service. It is also a reflection of the Bank's firm belief that digital transformation has come to constitute a pivotal breakthrough in the global and local economies – especially in light of current conditions that have promoted the use of digital platforms and services. As such, the Bank has extended the spectrum of digital services rendered to customers, in addition to striving to launch the first digital bank in the Egyptian market to stay abreast of global developments; as well as to fulfil the objectives of financial inclusion as a strategic state objective. This is also in alignment with the policies of the National Council for Electronic Payments and utilizing electronic services as a safe alternative to cash. Moreover, Sahel company will assume the role of technical aggregator to provision such services as electricity, telecom, water, gas, donations, education and other online services.

Mr. Ihab Dorra – Head of Retail Banking at Banque Misr – stated that the collaboration with Sahel company aims to provide payment services for telecom, electricity and education in order to facilitate payment transactions for technology users; and 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.

On his part, Mr. Abdulla Asal – Managing Director at Sahel – stated that the current year had witnessed notable developments on the electronic payment front, while cutting back on the use of paper money, reiterating that Sahel supports the Egyptian state's strive to drive smart payment means and cashless transactions. He added that this contributes to achieving wider financial inclusion and noted that the company seeks to offer the best and latest payment means to citizens in order to facilitate the success of the online payment system.

The collaboration comes as a step among numerous successful endeavors by Banque Misr - a pioneer in rendering electronic collection services via QR Code and Meeza Digital network - while being the first bank to offer withdrawal and deposit services for mobile wallets, via its network of ATMs. This is to enable individuals to transfer cash through their electronic wallets and withdraw the funds instantly; whereby Banque Misr is considered the first to have offered payment via mobile, through its BM Wallet.

Banque Misr always seeks to support digital transformation efforts by providing innovative electronic solutions that facilitate customers' needs,  in a way that contributes to providing banking and financial services seamlessly and conveniently. The Bank consistently strives 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 achieving sustainable development and prosperity for Egypt.