The United Bank 2024 Adopting green financing mechanisms is the safest path to localizing industry and agriculture aiming to diversifying the national income sources
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The United Bank 2024
Adopting green financing mechanisms is the safest path to localizing industry and agriculture aiming to diversifying the national income sources
UB’s CEO and Managing Director Ashraf El-Kady:
* Localizing industry and agriculture is the safest path to diversifying the national income sources and ensuring sustainable development.
* Launching a number of green financing products during 2024.
* Expanding financing for small and medium-sized industries with intensive technology and high productivity.
* Supporting microfinance sector to achieve Egypt’s sustainable development, in line with UN’s agenda.
* Encouraging innovation and technological applications to serve the 3 dimensions of sustainability: economy, society and environment.
*Backing industrial sector in rationalizing consumption and replacing it with clean energy.
*Green media is an essential pillar of societal transformation towards environmentally friendly transactions.
Cairo:January 2024
The United Bank’s CEO and Managing Director Ashraf El-Kady has unearthed his lender’s strategy for the year 2024, based on supporting Egypt’s economic development policies through raising the national product, localizing industry, agriculture, Fintech, and knowledge, empowering minds, as well as making the best use of Egyptian human energies.
UB’s 2024 strategy has mainly focused on the value of developing and improving products and services’ quality along with maximizing exports, El-Kady said.
It has also taken into consideration ways of building smart business models that operate with high dynamism so as to ensure sustainable economic growth.
In doing this, UB has, over the past years, intensified investments in information technology infrastructure.
UB has also sought to improve the quality of financial services and transactions provided to customers, whether traditional or Sharia-compliant.
It has also conducted sophisticated studies on its current and future needs in order to provide suitable products and services.
The bank has, additionally, created a set of green banking and Fintech solutions to promote customers’ investments and protect their personal and banking information.
It has also developed and qualified human cadres in the education and training system for the purpose of maximizing their productivity through The Bright Stars Academy and a number of major educational institutions.
For that aim, the bank has employed financial and digital technological techniques, which contributes to minimizing time, effort and risks.
Six Axes for The United Bank’s 2024 Strategy
First: The Economic Axis:
1-Maximizing investment opportunities for small and medium enterprises sector, especially with Egypt as well as private sector’s big expansion in providing investment and economic incentives in this promising sector which is one of the important pillars of community development and unemployment reduction.
This can achieved in parallel with providing a package of specialized and innovative financing solutions as well as high-quality digitization services that contribute to strengthening productive culture, increasing local component and improving its quality in a way that enables national industries to set off strongly and increases production.
Accordingly, Egyptian exports in various fields can be maximized.
2-Continuous development of digital banking solutions to serve comprehensive development purposes, especially micro-enterprises and expanding the financial inclusion customer base.
This can be accomplished through offering financing solutions backed with digital services, such as rapid microfinance through UB’s digital wallet which provide customers with the ability to pay digitally.
Micro-enterprises have an effective role to play in integrating the parallel economy with the official one, improving the Egyptian citizen’s standards of living, and expanding the financial inclusion base.
3- Supporting Egyptian young innovations talents minds in the banking and non-banking fields in order to work out solutions for economic problems and maximize local production in significant economic sectors, which leads to raising Egyptian exports, reducing consumer imports, raising employment rates, and creating job opportunities.
4-Providing the microfinance sector with a package of specialized financing and digital solutions to achieve sustainable development for Egypt, in accordance with The United Nations agenda, which is consistent with Egypt’s Vision 2030.
That can. Hopefully, contribute to the economic empowerment of different society segments, led by women and youth, as well as creating jobs and reducing unemployment.
Second: Transformation into Green Economy Mechanisms
The United Bank looks forward to intensifying environmentally friendly practices and green economy mechanisms via raising the number of initiatives at all economic, social, environmental, health and development levels, that serve Egyptian society.
Such initiatives effectively contribute to reducing negative effects of carbon emissions that are harmful to the planet, thus preserving the future generations’ rights.
Third: Digital transformation
- UB has taken into consideration the Development of digital banking solutions to serve comprehensive development purposes.
This is done by including new service features that attract all new segments of customers.
That can hopefully contribute to expanding the financial inclusion base and instilling digital financial culture, such as digital wallet, mobile banking, the Internet banking service for companies, Cash Management service, as well as electronic payments for taxes, customs, among others.
2-The United Bank has effectively participated in implementing cybersecurity rules and the foundations of combating fraud.
It has also supported the National Cybersecurity Strategy led by The Central Bank of Egypt (CBE).
3-The bank has deliberately expanding new branches while developing and modernizing the network of current branches and Nile Pioneers Centers for the purpose of serving current and future customers, especially in industrial and urban clusters, the Golden Triangle, along with the Development Axis.
4-UB is currently engaged in launching awareness campaigns for spreading financial culture and achieving financial inclusion.
It has, moreover, launched campaigns for raising awareness about digital banking applications that operate around the clock, 7 days a week, and save customers’ effort and time.
Such great efforts have been accompanied by specialized campaigns mainly designed to raise awareness of the latest methods of securing and protecting customer data, being the customers and bank’s joint responsibility.
Fourth: Sharia Compliant Traditional Banking Products and Services
1-The United Bank has developed financing and banking products that are compatible with the provisions of Sharia, so as to become a major player in Islamic finance area in the Egyptian market.
2- Qualifying and training human cadres using modern technologies in order to combine digital banking technology with the Islamic economy mechanisms.
3- Continuous development and modernization of the technological infrastructure, including computers and programs prepared and specialized in Islamic banking services.
4-Expanding The United Bank’s market share and attracting a larger segment of customers.
5- Implementing work procedures in line with UB’s Sharia Board decisions.
That board includes elite scholars in Islamic jurisprudence and economics who are in charge of ensuring that all products and services offered are compatible with Sharia rules.
Fifth: Developing human capabilities and preparing youngs for future leadership:
1-Empowering qualified young leaders to assume leadership positions at The United Bank, especially The Bright Stars Academy’s graduates and their Egyptian Banking Institute.’s counterparts.
2-Opening new administrative and technical horizons for talented minds from The United Bank team to provide new services and products as well as participating in the digital transformation process.
Enhancing practical participation in working out The United Bank’s strategies along with the foundations and principles of modern management.
3-Encouraging and motivating the broad youth movement and supporting work teams through forums such as Laky Forum for females banking and Ajyal Forum for male banking- to carry out a number of development projects and development initiatives, including Digital Development Group, Banking Awareness and Training Group, Internal and External Consumption Rationalization Group, The United Bank Product Development Group, Environmentally - Friendly Practices awareness Group.
4-Expanding online training techniques in cooperation with major training institutions, whether local or international, such as Egyptian Banking Institute and Frankfurt Institute for Finance and Management
Sixth: Deepening community participation in health and education for Egyptian Children and Youth.
1-The United Bank adopted a technical education system, especially in the fields of handicrafts and micro-enterprises, with the aim of achieving comprehensive development, improving citizen’s income level, empowering economic groups such as women and youth, along with achieving financial inclusion.
The banks has also sought to protect such industries from extinction and creating a new generation of skilled craftsmen.
2- UB has fully engaged with different groups of society through a series of activities and programs specialized in social protection and support, especially in health and education for children, youth and women.
It has also launched national initiatives to achieve sustainable development principles.
3-Adopting development plans for Egyptian rural areas through taking part in Decent Life Program “Hayah Kharima” and the development of Naga' Al-Jusour village in Luxor.
