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Suez Canal Bank gives financial inclusion top priority: Chairperson - Daily News Egypt

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Suez Canal Bank gives financial inclusion top priority: Chairperson

Bank has launched several new products recently as part of ambitious digitisation plans, says Hussein Refaey

The Suez Canal Bank (SCB) considers digital banking services a top priority, particularly in relation to increasing financial inclusion, according to SCB Chairperson and Managing Director Hussein Refaey.

Refaey emphasised that the SCB has opened its first smart branch using the latest in digital banking technologies. It has also provided customers with the facilities to carry out banking services online, including internal and external transfers.

Hussein Refaey

This comes in addition to customers remaining able to access all services at the SCB’s physical branches, including obtaining certificates and deposits, as well as opening accounts.

The bank has also provided an electronic wallet service to customers, through which they are able to digitally transfer money to the electronic wallets of other customers. This means customers can avoid having to be physically present at branches, reducing the risk of infection with the novel coronavirus (COVID-19), whilst also maintaining the state-imposed precautionary measures.

All cards issued by the SCB are fully supported with the contactless feature, meaning that customers do not have to touch payment points to enter passwords when carrying out transactions.

In addition, the bank has leant its support to the many initiatives launched by the Central Bank of Egypt (CBE), most prominently in its support for digital technology in banking services.

The SCB has, in the past period, introduced several new products as part of its ambitious plan in this area, according to Refaey. These products include the introduction of contactless debit and credit cards for the first time, in addition to the implementation of a prepaid card scheme introducing cards on which salary transfers can be made.

Refaey stressed that the bank aims to increase the number of its ATMs to 100 machines by the end of 2020, with the infrastructure for this already having been developed.

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