Abu Dhabi Islamic Bank-Egypt (ADIB-Egypt) said it is proud to support the Egyptian government—represented by the Central Bank of Egypt (CBE)—in its financial inclusion efforts, reaching out to underserved segments of society and allowing them access to all the benefits they can gain by being integrated in the country’s banking system.
As part of the Financial Inclusion Week, which ran between 27 April and 4 May, ADIB-Egypt offered individuals the opportunity to open accounts that are free of administrative fees and with no required minimum balance throughout the week at its regular branches, as well as via its microfinance units that have been established across the country, including underserved areas, where the bank excels.
Ahmed Effat, ADIB-Egypt’s head of consumer banking, said that financial inclusion is a cornerstone of banking sector development in Egypt, ensuring economic and social stability, as well as sustainable development. “Our focus is on low-income individuals, ensuring their access to banking services as a top priority. We therefore offer a wide and comprehensive range of services, such as micro financing, that may lift them out of poverty—helping them better their lives,” he added.
36 of ADIB-Egypt’s 70 branches are located outside Cairo and Alexandria, including in underserved areas, to reach a wider segment of society.
ADIB-Egypt stated that it seeks to increase awareness of its initiatives and activities targeting all segments of society, using both promotional and educational tools that can attract all ages, realising that only a better understanding of the potential benefits will encourage more to take the first step towards joining the officially regulated financial and investment systems.
ADIB-Egypt is also investing in digital banking in 2017, focusing on internet and mobile banking, as well as other services that target all segments of society and facilitate access to banking services, such as e-wallets, which do not require a bank account and can, therefore, also be used by the lower-income bracket and by young people. The bank will be launching a complete digital banking platform this year, offering e-collection, e-payment, and other services to benefit segments of society that do not have access to banking services.