A protocol of cooperation was signed today between the National Bank of Egypt (NBE) chairperson, Hisham Okasha, and the Principal Bank for Development and Agricultural Credit (PBDAC), chairperson, El-Sayed El-Kosayer in order to serve the clients of both banks and achieve financial inclusion. The cooperation relies on the widespread branch network of the NBE (373 branches) and the PBDAC (1,210 branches).
The signing ceremony was attended by NBE deputy chairperson Yehia Aboul Fotouh, NBE head of Retail Banking and SMEs Hazem Hegazy, PBDAC branch heads, as well as PBDAC marketing and IT sector officials.
Okasha said the protocol will enable the NBE to install ATM machines at PBDAC branches in villages and towns where the NBE currently lacks presence. He added that the PBDAC will begin offering a prepaid remittances card service to allow carry-out cash withdrawal and deposit through these cards.
This protocol will also allow the PBDAC to receive personal loan instalments and credit card payments from NBE customers. Moreover, PBDAC branches will be able to conduct deposits, withdrawals, and remittance payment services for clients using phone banking.
El-Kosayer said the Egyptian banking system operates under an integrated system designed to serve customers through the exchange of experiences and the use of technical capabilities and human capacity to maximise added value.
He added that the PBDAC operates within the framework of a comprehensive plan for developing and diversifying the services offered to customers who are farmers through the use of its geographical spread.
Hegazy noted that the cooperation will benefit clients of both banks and attract new customers, which would contribute towards achieving financial inclusion.