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Banque Misr Signs Collaboration Agreement with Areeba Egypt for Rolling-Out POS and Provisioning Electronic Payment Services
14/10/2021
​Banque Misr signed a collaboration agreement with Areeba Egypt – a fintech company specialized in digital payment solutions. Signing on behalf of the Bank was Mr. Akef El-Maghraby – Vice Chairman of the Board of Banque Misr – and for the company, Mr. Maher Mikati – Chief Operating Officer and Managing Director of Areeba Egypt. This partnership will pave the way for offering a wide spectrum of electronic payment services and e-commerce offerings to the Bank’s partners, thus contributing to fulfilling the objectives of financial inclusion, as a national state goal. This is also in line with the policies of the National Electronic Payments Council, which seeks to incentivize the use of electronic payment means as an alternative to cash.

Pursuant to this agreement, Areeba Egypt will provide integrated electronic payment acceptance to partner merchants and SMEs, rolling-out thousands of POS (points of sale) throughout the country. This is in addition to offering specialized e-commerce services, enabling merchants to accepts various internet payments using all types of cards; together with rolling-out the use of QR Code and acceptance of contactless mobile phone payments.

Mr. Akef El-Maghraby – Vice Chairman of the Board of Banque Misr – stated that the Bank consistently seeks to collaborate with leading fintech institutions in order to launch technologically-advanced services targeting all customer segments. This is for the purpose of supporting the efforts exerted for realizing financial inclusion, which in turn, will attract additional social segments. He reiterated that the Bank’s partnership with Areeba Egypt – supporting electronic payment methods and offering them to various social segments – is a step towards driving financial inclusion, due to its pivotal role and positive impact on economic growth and social development. Banque Misr firmly believes that digital transformation has come to constitute a significant requirement, especially in light of the current circumstances imposed by the pandemic, which has driven the use of digital service platforms.

On his part, Mr. Maher Mikati – Chief Operating Officer and Managing Director of Areeba Egypt – stated: “We are extremely pleased with this partnership, owing to Banque Misr’s leading role in the domain of electronic payments in Egypt, which we consider as one of the most vibrant and promising markets. Ever since its inception, Areeba Egypt has excelled at providing digital payment solutions, POS, e-commerce offerings and business management for financial institutions and SMEs across all sectors. Today, it provides support services to a network comprising more than 65% of POS devices in Lebanon; while also expanding into Iraq, Jordan and Qatar. We are confident that this agreement will boost our presence in Egypt and the region and enhance e-commerce and electronic payment in Egypt.” Mr. Mikati added that this constitutes a major step for Areeba Egypt, insofar as contribution to digital transformation and complementing the initiative by the Central Bank of Egypt. He reiterated that the company possesses the required infrastructure and technology for this type of payment, thus enhancing services and facilitating safe transactions.