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Banque Misr Signs Protocol of Collaboration with Administrative Capital for Urban Development to Provide Online Collection Services and Issue Electronic Payment Cards
Banque Misr concluded a partnership contract with Administrative Capital for Urban Development, for rendering complete payment services; including the issuance of payment cards and the allowance of various electronic collection services via all websites and mobile applications of the Administrative Capital; as well as through QR Code and POS. Representing ACUD in the signature ceremony was Major General Ahmed Zaki Abdeen – Managing Director and CEO and on behalf of Banque Misr, Mr. Mohamed El-Etreby – Chairman of the Board. This protocol comes in line with the Bank’s pioneering role in driving advanced electronic services and the state’s efforts for implementing financial inclusion. The administrative capital is considered the first wholly digital city in Egypt and the Middle East; relying primarily on the latest technologies in managing resources and acting as a blueprint to be applied in other new cities, as well as in developing Cairo to become a model political, cultural and economic hub in the region.
The protocol enables the residents of the administrative capital to perform electronic payment transactions for all services and subscriptions, through the various portals and mobile applications; such as payment of parking bills, utility bills and other services. This is in addition to issuance – for residents and non-residents – of payment cards driven by advanced technologies, enabling them to make such payments and access the city easily and conveniently; as the first multi-use card of its kind.
Some 2 million residents are set to reside in the administrative capital during the first phase, in addition to 50 thousand government employees to be relocated, with the intent of increasing this number to 100 thousand employees following the first three years. The city extends over an area of 170 thousand acres and upon completion is set to house some 6.5 million residents and offer 2 million job opportunities.
Worth noting is 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. Insofar as other services, Banque Misr is ranked first for payment transactions via QR Code and 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.
Banque Misr offers a variety of electronic payment cards that suit all social segments, with the number of customers totaling 13 million. The Bank’s cards have also achieved the highest growth rate in online purchase transactions in 2020; whereby the loyalty program allows customers to earn points with every use, which can then be claimed in the form of cash-back or online purchase coupons.