April 27, 2021

Suez Canal Bank to launch mobile banking service

ArabFinance: Suez Canal Bank plans to launch it mobile banking services during the third quarter of 2021, Al Mal News cited the bank’s Chairman Hussein El Refai on April 26th.

El Refai added that the bank is currently working on updating the internet banking and the e-wallet to add more services, meeting customers’ needs.

He noted that the bank pumped between EGP 200 – EGP 250 billion over the past three years in financial technology, in addition to developing the bank’s technological infrastructure and all banking systems.

El Refai also praised the newly issued regulations by the Central Bank of Egypt (CBE) regarding mobile banking.

On April 20th, CBE allowed mobile wallet users to access loan and saving services in real-time.

The new mechanism is designed for borrowers who do not have credit histories or any prior records with the traditional banking system.

On April 22nd, the central bank raised withdrawal and transfer limits from mobile wallets.

The new regulations are a reflection of the growth of mobile wallet users in Egypt, as the country has around 20 million wallets with a value of transactions of EGP 100 billion in 2020.


Categories : banking

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