The United Bank launches the mobile banking service

06/03/2018

Towards a cashless society
The United Bank launches the mobile banking service

Ashraf El Kady - Chairman of The United Bank
• Mobile banking service to consolidate the idea of financial inclusion.
• The rules and regulations of the Supreme Council of Payments are for the benefit of a society without money.
• Mobile banking meets the needs of youth especially entrepreneurs.
• The United Bank is competing with an innovative package of high-quality digital services.

Cairo: 6th March 2018

The Chairman of the Board of Directors of The United Bank, Ashraf El Kady, announced yesterday the launch of the mobile banking service as part of the efforts of the Egyptian state, The Central Bank of Egypt and the Supreme Council of Payments to spread electronic banking services and apply the system of financial coverage.

Advantages of Mobile Banking Service
On the advantages of the new service Ashraf El Kady pointed out that the bank's mobile service from The United Bank offers a package of the latest high quality electronic banking services. Allowing customers to instantly query all their bank accounts. And to know all the details and the latest banking transactions carried out on their accounts. Also know and inquire about the returns of accounts, deposits and foreign exchange rates. Also enjoy full freedom of transfer from another account. As well as know the latest promotions offered by the United Bank to its customers.

The bank's mobile banking service enables customers to pay all their credit cards and pay prepaid cards. Subscribe to SMS and alarm on mobile phone. As well as bill payment service. It asked for a checkbook. The new service allows customers to inquire about the nearest ATM machine and the nearest bank branch. As well as the customer's immediate credit rating through I-Score. As well as support and support to civil society.

On the extent of the different segments of society on the service
Ashraf El Kady said that the number of subscribers in the banking service in the country according to the latest statistics in 2017 is estimated at about 9 million subscribers in about 10 banks in the Egyptian market. But these indicators are increasing continuously and significantly. This is due to three main factors:
First factor: Is the process of continuous activation of this service among all segments of society, especially the youth class, who make up about 60% of the Egyptian society.

Second factor: Increase the number of banks offering service and compete to attract a larger segment of customers.

Third factor: Is to maximize the ability of the banking system to include new categories of the banking sector and contribute to reducing the circulation of the cash through the rules and procedures and tools of continuous stimulation of society.

Mobile banking to consolidate the idea of financial inclusion
El Kady noted that the Supreme Council of electronic payments previously announced a set of incentives to encourage the competitiveness of banks in the launch of electronic services. For example: exempting citizens from the expenses of opening the account. And mobile payment services for one year. As well as reduce the costs of mobile payment services by 50% ending in mid-2018. As well as allowing the transfer of workers' money abroad, in addition to providing mobile phone services to merchants and service providers as well as banks.

Mobile banking meets the needs of youth and entrepreneurs
Ashraf El Kady noted that The United Bank has a strong technological infrastructure and can absorb this high quality of banking technology, adding that the bank is always devising and introducing modern and innovative banking solutions that attract a segment of Egyptian society and meet their contemporary needs.

The Mobile banking service contributes to motivating customers to deal with the banking system, particularly the youth sector, which increases the chances of enjoying other banking services whether savings or financing, mainly increasing the volume of investments in boosting the demand for SME sector financing and other productive projects. Benefit the national economy and contribute to driving growth towards a strong economy.