The Commercial International Bank Egypt (CIB) announced, on Tuesday, the launch of its new business banking segment, called CIB Growth.
The segment services small companies with an annual sales turnover below EGP 50m, providing clients with an integrated package of innovative banking products and digital solutions to easily perform banking transactions with 24/7 access.
Rashwan Hammady, Head of Retail Segments and Products, said, “CIB Growth provides an easy-to-use banking experience with a lot of features and support.”
He added, “We designed this segment with small business owners in mind, particularly entrepreneurs and women-led businesses, so that they can focus on their businesses and leave the banking to us.”
Growth customers have access to: business banking accounts; business cards, whether credit, debit, or deposit; credit facilities with flexible repayment durations and procedures; an array of payment acceptance services; Internet banking services for businesses; and payroll packages.
This is along with a dedicated call centre that serves Business Banking customers, and designated sales and service representatives in more than 70 branches across Egypt, to help business owners better manage their accounts.
In addition to receiving an integrated suite of banking products and solutions, CIB Growth customers have access to discounted non-banking consultancy services through the “CIB Business Solutions” programme. This includes legal advisory, auditing and accounting, and HR services.
The CIB Growth segment launch aligns with the Egyptian Government and Central Bank of Egypt’s (CBE) initiative to encourage small businesses, which recognises the crucial role of small businesses in Egypt’s economic growth.
Existing Business Banking customers with annual sales turnovers below EGP 50m will be automatically enrolled in CIB Growth. Meanwhile, new customers can enrol by opening a company account with CIB.