Fintech has become main engine of growth for national economy, dissemination of financial inclusion culture, says El Kady
The United Bank of Egypt (UB) launched the UB Digital Wallet, which is its latest technological solution for the Egyptian financial market, in lieu with the efforts of the state and the Central Bank of Egypt (CBE) to expand financial inclusion and promote non-cash payments.
The UB Wallet offers a range of services, including paying bills, topping up mobile credit, transferring money internally from the wallet to another wallet, paying services directly from the wallet, depositing funds in the wallet from bank accounts, inquiring about transactions, paying credit card dues, recharging prepaid cards, obtaining an electronic statement, and withdrawing money from the wallet through member retailers.
According to Ashraf El Kady, chairperson of the bank, fintech has become the main driver of growth for the national economy and the dissemination of a culture of financial inclusion, given its vital role in the integration of the informal economy into the national economy.
He added that the United Bank is always striving to offer a range of smart financial technology services through mobile phones, internet banking, and digital wallets, as well as corporate banking services, and managing the cash flow of companies in the best way to maximise return, in addition to a wide network of ATMs.
He noted that the introduction of such services is due to the vision and strategy of the bank backed by huge investments in the field of infrastructure, digital platforms, and safety standards.
“At UB, we conduct regular market studies on customers and their banking needs to identify them. And through data and analysis of customer behaviour, we can expect their needs of banking transactions, and thus work to innovate and provide solutions that meet these needs with high efficiency,” he explained.
El Kady said that the less than 33% of adults have bank accounts in Egypt, which proves that the market has not saturated yet and that clients seek more innovative solutions.
He added that the competition between banks is no longer in the granting of funds and attracting deposits at the level of traditional banking products, but has entered financial technology competition, especially with the direction of the state and the trend towards the mechanisation of all government financial transactions and the dissemination of financial culture and financial services via mobile phone.