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Tariq Fayed, Chairman and CEO of Cairo Bank, said that the bank's strategy is based on strengthening its pioneering role in financing all economic sectors, whether major, medium, small and micro companies, and bank retail, along with the bank’s role to support the system of digital transformation, enhance financial inclusion, and include new clients..
Fayed pointed out in his interview with (Al -Bawaba News) that the Egyptian banking sector has witnessed during the past seven years a major boom in his performance, as he managed to overcome all challenges, and the monetary policy that the Central Bank of Egypt has taken within a short period of great success and high flexibilityIn applying its goals in support of the national economy.
Fayed affirmed the Bank of Cairo's keenness to pump all the necessary funds for national projects with economic feasibility in light of the state's interest in these projects and the creation of thousands of job opportunities and their effective role in stimulating the feeding industries of these strategic sectors.
And to the text of the dialogue:
The bank's strategy is based on enhancing its pioneering role in financing all economic sectors, whether major, medium, small and micro -retail, and bank retail, along with the bank’s role to support the digital transformation system, enhance financial inclusion and include new customer segments through the continuous development of the innovative products and banking services offered by the bank.For its customers, especially digital products and services, and work to update them constantly, such as mobile, bank internet, mobile phone portfolio "Cairo Cash" and electronic payment services via the QR-Code,.
The investment in the human element also comes on the list of priorities for the bank's business plan as the real wealth that the bank possesses through training and capacity building, by increasing the training budget continuously, which currently represents 6 times what has been allocated to the training budget of total wages in 2017, in addition to a return Formulating the foundations and methods of evaluation and reward, while making sure to provide a good work environment, and the bank is keen to pay attention to developing the technological infrastructure in line with the system of digital transformation and financial inclusion starting from developing the basic automatic system of the bank Core Banking System, and using distinguished experiences to provide distinguished digital services and products to customers.
The bank’s vision and policies aim to continue in the plan to develop and open branches with the new identity, and expand the ATMs during the current year, where the bank opened and developed 12 branches and was present in more distinctive locations to reach the bank’s branch network to about 246 branches and a banking unit in various governorates of the Republic by the end of 2021.
The bank aims to increase the number of ATM machines to reach 2020 machinery by the end of 2022, which will contribute to serving the largest customer base in particular, small, medium and micro companies, executive of the financial inclusion strategy, and other various work mechanisms, in addition to completing the replacement of old machines.
The bank intends to launch a variety of digital banking products and services during the current year, whether for individuals or companies, as the number of customers subscribed to digital services at Cairo Bank has exceeded one million customers during the past two years..
The number of customers subscribed to the bank's mobile portfolio exceeded 750 thousand customers, with a volume of uses exceeding 10% than the percentage stained by the Central Bank, and the number of customers in the QR-Code service for 190 thousand customers reached 190 thousand customers..
The growth rate of the number of subscribers in the internet and bank mobile service increased 250% by the end of 2021 compared to the previous year 2020, where the number of subscribers recorded about 260 thousand customers..
Banque du Caire is the first financial institution to launch the service of granting micro loans digitally in Egypt, at the headquarters of customer activities in less than an hour during the past year, which is witnessing a wide turnout from customers..
The bank also established the digital and electronic payments company "Tali" during the past year, and its activities are scheduled to start before the second half of this year to address the market needs in providing digital banking products to banks and companies.
During the past seven years, the Egyptian banking sector has witnessed a major boom in its performance, as the banking sector has managed to overcome all challenges, and the monetary policy that the Central Bank of Egypt has taken within a short period of great success and high flexibility in applying its goals in support of the national economy.
The great improvement in the performance of the financial and monetary sector in Egypt came after the government adopted the economic reform program and the liberalization of the exchange rate in November 2016, which led to a strong boost to the Egyptian economy, in addition to the package of measures taken by the Egyptian government and the central bank, on top of which is the treatment of imbalances Structuralism in public finances, strengthening social security networks, in addition to the historical decision taken by the central bank in 2016 to liberalize the exchange rate, and to turn into a flexible exchange rate subject to supply and demand mechanisms, which reflected positively on achieving historical indicators in terms of financial center indicators For banks operating in the Egyptian market, performance of the balance of payments, and cash reserves from foreign currencies.
Betting in the future growth on digital services, which also constitute a challenge to the sector units, according to the ability of institutions to develop and accelerate digital transformation, and the banking sector is keen to support various sectors and pump funds into the arteries of the national economy as the wall of blocking the national economy throughContinue financing small, medium and micro projects, bank retail, companies and joint loans.
Your vision of the steps taken by the state and the central bank to achieve financial inclusion, especially with regard to encouraging electronic payments?
The Egyptian state and the Egyptian Central Bank have taken many steps to achieve financial inclusion, especially with regard to encouraging electronic payments, as well as launching many initiatives that help the spread of financial technology, which was the forefront of the establishment of the National Council for Payments, which aims to reduce cache circulation, with accreditation On financial technology and banking services, the Central Bank has issued an update for the rules governing mobile payment services to facilitate customers and to enrich the service by providing lending and digital savings services using the mobile phone portfolio, which is expected to occur a boom in using the mobile payment service, in addition to To the ongoing initiatives to exempt the service customers from any commissions to transfer money via mobile phone, since March 2020, which contributes to encouraging payments.
Banque Cairo is keen to pump all the necessary funds for national projects with economic feasibility in light of the state's interest in these projects and the creation of thousands of job opportunities and their effective role in stimulating the feeding industries of these strategic sectors.
The bank has also funded many national projects, whether through a number of joint financing processes or through direct financing, as Cairo Bank contributes an effective role in arranging and managing joint loans.
The bank's work strategy and expansion plan aims to give a full priority to all credit sectors, with a focus on financing various major development projects and financing small, medium and micro projects, which contributes to supporting the state’s plans to achieve Egypt's 2030 vision..
Cairo Bank has an ambitious plan to expand in the African markets during the next stage, and this orientation supports the state's interest in Africa, which is a platform and a gateway for Egyptian goods and services through Cairo Bank Kampala, Uganda, and owned by the Bank of Cairo in full, was completely developed Rebranding after acquiring 100 %of its shares The bank has been keen to implement the comprehensive development plan, which is based on several main axes, most notably the update of the bank's technological structure In capital according to the strategic plan.
