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Banque Misr Named the Best in Digital Transformation, ATM Services, E-payment Services and Merchant Payments by the Digital Banker in 2021

Banque Misr has recently attained four awards from The Digital Banker magazine, in the virtual event organized by the magazine for winners of banking innovation awards in the Middle East and Africa, being named “Best Merchant Services of the Year – 2021”; “Best Digital Payments Initiative”; “Best ATM Innovation”; and “Best Digital Bank – Egypt”. In selecting the winners, the magazine bases its decision on a set of global criteria, as well as the opinion of an expert panel of specialized analysts.

These awards come as a merit of entitlement for the Bank and a token of the trust and confidence of its valued customers; recognizing the Bank’s efforts in the domain of digital transformation and the roll-out of electronic payments. Banque Misr consistently seeks to offer electronic services that facilitate transactions for customers and such as to further contribute to improving banking and financial services; especially with technology currently becoming the fastest variable governing the global economy. Staying abreast of this technology has thus become of the utmost importance and as such, Banque Misr strives to localize technological services in all its offerings, such that to further contribute to improving the provision of banking and financial services and to capitalize on new and promising pathways for development. In this respect, the Bank has exerted momentous efforts in the field of digital transformation – this being a strategic pillar – whose importance has been underscored in light of the current pandemic, amid the increasing need to maintain social distancing.

The Bank has collaborated with fintechs and payment facilitators to become a leader in financial technology, while providing the latest cutting-edge payment solutions to merchants in order to facilitate payment methods for end users. Moreover, Banque Misr is considered the first bank to offer purchasing technology via POS and websites through the QR Code for mobile wallet customers, in addition to automating microfinancing in order to deliver immediate services to customers.

Worth noting is that Banque Misr has expanded its advanced network to comprise some 4,000 ATMs and seeks to increase this to 6,000 ATMs by the end of 2022; enabling withdrawal and deposit services, currency exchange, bill payment, donations and other services. The Bank is also the first to provide withdrawal and deposit services for mobile wallets through its ATMs, while currently implementing services catering to visually-impaired customers.

The Bank has concluded numerous partnerships and investments with fintechs, participated in the initiative of the Central Bank of Egypt 2020 and contracted with some 167 thousand merchants. This is in addition to partaking in the e-finance initiative, which saw the Bank commission more than 2,000 merchants.

Banque Misr has also been named “Best Digital Bank in Egypt” thanks to its dedicated efforts in the field. The Bank constantly strives to be a pioneer in the banking sector by offering the best possible customer banking experience, backed by a suite of efficient and effective digital products that boost its profitability.

The Bank recently launched Express loan and Murabaha, which is considered the first integrated digital loan in Egypt. This product allows Banque Misr’s small project customers to submit a financing application online via the website, without the need to visit the branch, on a step-by-step basis at minimum procedures. The small project financing loan is the fastest loan in Egypt and can be obtained within 5 days from the date of submission, subject to applicable terms and conditions. This product has achieved the largest SME financing wallet in the banking sector, amounting to 13.4 thousand Express loans valued EGP 13.976 billion; while Express Murabaha achieved EGP 667.7 million.

The Bank has updated and developed its internet banking service "BM Online” by offering a bundle of new banking services to customers. Banque Misr has also launched electronic banking services to customers via mobile phones through the mobile banking application, becoming one of the first amongst its counterparts to offer this service via the “BM Wallet”. Banque Misr has also recently utilized artificial intelligence technologies to offer the “Automated Assistant Chat Bot” through its web portal, to serve customers around the clock, while launching WhatsApp for Business to diversify its communication channels.

Banque Misr constantly strives to maintain its long-standing success, while proactively partaking in services that fulfil the requirements of customers. The values and strategies of Banque Misr have consistently reflected its commitment to achieving sustainable development and prosperity for Egypt.