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Banque Misr signs a new partnership agreement with Visa in the area of electronic payment

Banque Misr recently signed a long-term cooperation agreement with Visa, a march leader in the field of digital payments technology. The agreement allows Banque Misr to provide the latest in digital payment technology in order to keep up to date with clients’ needs, provide new products, services, and innovative solutions to clients of all segments of the population, and to support digital solutions with advanced and competitive advantages in line with the country’s strategy to achieve comprehensive digital transformation and encourage electronic payment systems.

This partnership is a strong example of the concerted efforts of leading institutions such as Banque Misr, one of the largest banks in Egypt, and Visa, the leading company in the field of electronic payments, to contribute to achieving financial inclusion and expanding the area of acceptance of electronic payments, which comes with multiple benefits for merchants, clients, and the entire Egyptian economy.

The signing of the partnership agreement is part of the framework surrounding the bank’s keenness to support the transformation to a cashless society, and to complete all banking transactions in an easy and safe manner, especially in light of the individuals’ preference for social distancing and the use of electronic services as a safe alternative, in light of the current the Corona virus. This cooperation is a step on the path to the success of the Banque Misr in the field of electronic payments, with the focus on payment cards.

Mr. Ehab Dorra - Head of the Banking Branches and Retail Sector at Banque Misr, stated after the signing that Banque Misr always seeks to advance their efforts towards financial inclusion. This is an official and strategic direction for the country, as it has become inevitable rather than a choice, and it should be a priority for banks in Egypt during the upcoming period. All banks should unite their efforts with the efforts of the Central Bank to take more effective steps to achieve a qualitative rise in the Egyptian economy by using financial inclusion.

Mr. Ehab Dorra also confirmed the importance of motivating citizens to use various electronic payment options, as Banque Misr supports digital transformation efforts by providing electronic solutions to facilitate the customer’s experience. This way, they wish to contribute more to the provision of banking and financial services in an easy and advanced manner as the bank expands the variety of digital services to its clients. This cooperation agreement is a continuation of the previous successes between Banque Misr and Visa for cooperation in various fields of electronic payment.

For her part, Ms. Malak Al Baba, General Manager of Visa Egypt, states that this partnership comes takes place within the framework of Visa's strategy to support various financial institutions in their quest to provide the latest electronic products, achieve financial inclusion and meet clients' needs in light of the rapid transformation in Egypt in the field of technology, finance and the transition towards a cashless society with the support of the government, the banking sector, and fintech companies.

Ms. Malak Al Baba added: “Visa is keen to develop strong and lasting partnerships to provide new financing models, through the global experience that is distinguished by Visa, as well as a network of 70 million payment machines in more than 200 countries.” She adds that “we are committed to developing all  kinds of innovative and advanced solutions as we harness our digital payment network to help many businesses in the region not only withstand challenges, but also thrive alongside communities.”

Banque Misr always seeks to support digital transformation efforts by providing electronic solutions to facilitate everything for clients, thus contributing to improving the provision of banking and financial services as Banque Misr's work values and strategies always reflect the bank's commitment to the sustainable development and prosperity of Egypt.