The National Bank of Egypt (NBE) has attracted 2 million users to its Meeza e-payment services, the first bank in the Egyptian market to hit this record.
NBE Chairperson Hisham Okasha said there is a high demand for Meeza cards inside Egypt with commercial and service entities, particularly with government agencies. The trend supports the bank’s approach towards expansion in financial inclusion.
Yehia Aboul Fotouh, Deputy Chairperson of NBE, said the bank is seeking to expand the issuance of Meeza card. It will target several segments of society, especially young people, including university students, so that they can use the card to electronically pay tuition fees.
The card can also help temporary workers receive their salaries electronically, and help clients obtain micro loans. However, in the upcoming period, Meeza cards will also be used for paying loan instalments.
Aboul Fotouh added that the bank also targets those receiving remittances regularly. Meeza card holders can receive their transfers free of charge from any of the NBE’s branches. Remittances can be received at any time during the day through the bank’s ATMs. Holders of the card can also use it for purchases.
Karim Soos, Head of the NBE’s Retail and Branches, stressed the increasing demand for Meeza cards in the recent period. The high demand follows the Ministry of Finance’s decision in May 2019 allowing electronic payment of EGP 500 or more for government services.
Soos explained that one of the most important indicators of high demand for Meeza is the increasing rate of its usage in purchases and payments up to 40%. The total value of this stands at about EGP 2bn out of the total of over EGP 5bn in Meeza card transactions, reflecting a higher rate compared to other debt cards of NBE account holders.
He pointed out that about 70% of deposits in Meeza accounts were carried out through ATMs.