The National Bank of Kuwait – Egypt (NBK) signed a cooperation protocol with the Egyptian Banks Company for Technological Advancement (EBC), on Wednesday, to start issuing “Meeza” prepaid cards.
The protocol was signed by Amr El Alfy, Head of Business Group at NBK, and EBC Managing Director Ahmed Rabea.
Yasser El-Tayeb, NBK-Egypt’s Vice Chairperson, Managing Director and CEO, said the protocol comes as part of the bank’s strategy to boost its range of banking products. These collectively contribute to expanding the bank’s umbrella of electronic payment methods and channels.
El-Tayeb added that the protocol follows the Egyptian government and Central Bank of Egypt’s (CBE) move towards greater financial inclusion, and creating a cashless society.
El-Tayeb said that NBK-Egypt is looking to encourage the use of its electronic payment channels, with the bank’s management sparing no efforts in supporting these alternative channels.
NBK-Egypt has injected substantial investments into advancing its services and digital channels. He added that this comes as part of the bank’s efforts to ensure that the products available at its parent group in Kuwait are also available through NBK-Egypt, to promote the bank’s competitiveness in the Egyptian market.
El Alfy stated that the “Meeza” card represents a new link in the NBK-Egypt’s advanced electronic services chain, enabling both individual and business customers to perform a variety of banking transactions.
The bank recently gained CBE approval to launch its “NBK Online Services for Companies”, adding to the previously launched “NBK Online Banking” service for individuals.
El Alfy said that NBK-Egypt offers its customers a range of flexible financing and banking solutions, including individual loans and real estate financing. NBK-Egypt saw a 50% increase in real estate financing in the last period, representing 20% of its portfolio.
The NBK aims to increase its footprint in Egypt through new branches and developing the network of existing branches.
Head of Consumer Banking Salma Abou Hussein said that “Meeza” cards are a new addition to NBK-Egypt’s various card services, making the bank a main operator in the Egyptian market offering the smart payment card.
She added that the “Meeza” card can be used for cash withdrawals from all ATMs nationwide, and to pay government fees.