Banque du Caire has launched an electronic credit card payment and loan repayment service in cooperation with Fawry Electronic Payment Company, according to Tarek Fayed, chairperson and CEO of the bank.
Fayed explained that this service allows the repayment of all types of loans, including micro loans, through the collection facilities of Fawry.
He added that this step comes within the framework of the bank’s keenness to create new digital banking channels to meet the needs of various customer segments, and to keep abreast of developments in the banking sector in order to contribute to supporting the Central Bank of Egypt’s (CBE) plan to become a digital society.
According to Hazem Hegazy, deputy chairperson of the bank, the service allows for the possibility of paying instalments of personal loans, mortgage loans, and micro-project loans electronically, without the need to use bank cards, through more than 40,000 Fawry outlets.
He pointed out that the service contributes toward reducing the time and effort spent to visit the branches of the bank to pay the instalments of various types of loans, as well as credit card payments, in addition to reducing lines at the bank’s 222 branches.
In a related context, Banque du Caire announced its plan to launch the first smart branch in 2019, which aims to provide banking services using technology without the need to deal with employees.
It also plans to launch mobile and Internet banking services, and other services that are in line with the strategy of the CBE to promote digital banking services at the banking level, which has an impact on enhancing the principle of financial inclusion.
The bank is currently developing a comprehensive payment service through the mobile phone Cairo Cash, in addition to developing and deploying new ATMs to reach 1,100 from the current 700 by 2019.