To maximizes the Egyptian exports opportunities is foreign markets.
The United Bank is to apply the International Banking Account Number ‟IBAN”
Mostafa Abdel Hamid: Assistant Managing Director, Banking Operations Sector
• The International Banking Account Number ‟IBAN” will contribute in increasing the volume of foreign exchange flows domestically.
• A 6.5% increase in the volume of Egyptian exports during January and February.
• International Banking Account Number ‟IBAN” will reinforce plans for The National Payments Board and The Central Bank.
• The international Banking Account Number ‟IBAN” enhances the quality of financial transactions.
• The human element is the keystone for the success of the system.
Cairo: 30 June 2020
Mostafa Abdel Hamid - Assistant Managing Director, Banking Operations Sector at The United Bank - announced that The United Bank's application of the International Banking Account Number ‟IBAN”, starting from June 30, 2020, will contribute in maximizing the volume of Egyptian exports in the global markets.
Mostafa Abdel-Hamid referred to the recent figures and indicators that came in the Foreign Trade Bulletin issued by The Central Agency for Public Mobilization and Statistics, which confirmed that the volume of Egyptian exports was raised up during the first two months of this year to record 5.388 billion dollars with an increase of 6.5% for the same period last year. Five countries Italy, UAE, Turkey, Saudi Arabia and America acquired 30.2% of the volume of Egyptian exports.
Mostafa Abdel Hamid stated that the application of the IBAN will support the efforts of all Egyptian exporters with their various economic activities to rapidly enter in the foreign markets with their products and services and to fulfill all their obligations in terms of export contracts, business and logistical work. This will result the increase of demand on Egyptian products globally, which contributes in improving the quality of the Egyptian product, the reduction imports and the increase of foreign currency flow in the Egyptian market. This enhances the Egyptian state’s efforts to achieve comprehensive and sustainable development in accordance with Vision 2030.
About qualifying the infrastructure of the United Bank to accommodate IBAN applications, Mostafa Abdel Hamid says that the electronic infrastructure and systems of The United Bank were highly qualified to receive IBAN applications on current and new customer accounts and deal with them according to international quality standards applied in 77 countries worldwide.
Mostafa Abdel Hamid said that the strategy of The United Bank was based on relying on the technology and the digitization to provide excellent banking service and financial solutions to customers which made the United Bank's digital services strongly compete with the local market and it is marked by the high technology and the application of international quality standards.
He explained that the Egyptian state’s orientation towards technological transformation supported The United Bank’s strategy. The Transformation to a cashless society will benefit the national economy in terms of adopting a policy of financial inclusion and expanding the scope of electronic services in all institutions in Egypt. This saves effort and time to obtain the service, as well as reducing the cost and addressing a number of issues, the most important of which is the elimination of corruption.
In addition, the IBAN will allow the customer to conduct all his straight-through process financial transactions in the field of transfers through the various banking channels such as: Internet Banking, Automatic teller machines, Mobile Banking, Phone Banking and Digital Wallets with utmost safety and high quality.
Mostafa Abdul Hamid expressed that the human elements are the keystone in the success of the IBAN application system. Therefore, The United Bank conducted an intensive training plan to raise the efficiency of the human elements to deal professionally with the IBAN system.