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| The European | 24 July 2020

The National Bank of Egypt proves why it is a leader in its country, taking home five separate awards

In its assessment of global banks and financial institutions, The European has presented five awards to the National Bank of Egypt (NBE) for 2020: “Best Corporate Loans Provider”, “Best Banking Transactions Provider”, “Retail Banking of the Year”, “Digital Banking Provider of the Year”, and “Best Banking CSR Provider”. 

What supports NBE’s ability to maintain such exceptional global recognition is, according to NBE Chairman Hisham Okasha, the bank’s commitment to bolster the national economy and to successfully serve Egyptian citizens.  

The selection of NBE as the “Best Corporate Loans Provider” affirms the bank’s role in providing the necessary financing for economic growth in various sectors, particularly those that support national projects. Hisham Okasha has always emphasised the importance of syndicated loan transactions based on creditworthiness and economic feasibility, which positively contribute to creating added value for the economy, promoting development, and increasing job opportunities. NBE’s success also results from its strong connections with local and foreign banks, connections that are sustained by NBE’s professional competence to complete and manage major deals. 

 NBE was additionally elected “Best Banking Transactions Provider” in Egypt in terms of electronic transfers. Such recognition evidently reflects NBE’s active engagement in satisfying the needs of Egyptian expatriates by providing an efficient, convenient, and secure channel to transfer savings to Egypt at a lower cost than traditional methods. The development and implementation of a successful remittance system ensures the supply of a systematic source of foreign currency, while simultaneously identifying customers’ needs. This effective operation demonstrates NBE’s readiness to conduct necessary market studies to determine new opportunities and create solutions and systems, thereby enhancing work environments to assure the successful management and control of such systems. This achievement is made possible thanks to the collaboration between all relevant divisions within the bank. 

As the winner of “Retail Banking of the Year,” NBE proves once again its commanding leadership in the market. The award is based on the high growth rates achieved by the bank in its credit, debit, and prepaid cards portfolios. NBE dominates the e-payment cards market in Egypt with the major market share. It has recorded the highest growth rates in personal loans portfolio, and maintains the largest customer database in the Egyptian banking market with over 12 million customers. NBE’s strategies strengthen its retail banking portfolio, which amounted to EGP 100bn, an unprecedented achievement in Egypt’s banking sector. NBE reasserts its position as a pioneer as it sets long-term plans to upgrade its retail banking services, which leads to a unique diversification in savings products, certificates, and e-payment cards. These services reveal the myriad ways NBE caters to the different needs and demands of its customers. The sustained growth, expansion, and diversification of NBE’s retail banking products and services attest to the bank’s award. 

Winning the “Digital Banking Provider of the Year” award showcases that NBE’s strategies in developing its digital banking services have been successful. These strategies began with the opening of the first electronic service branches in Egypt in early 2019, which offered improved and distinguished services to customers. Furthermore, NBE launched the second phase of its internet banking service “Al Ahly Net” and the NBE Mobile Application in order to facilitate banking services through fast and secure digital methods. The number of retail subscribers jumped to more than 2.4 million customers with an activation percentage of 70%, while the number of corporate subscribers reached nearly 60,000 customers. Moreover, the “QR Code Scan to Pay” feature was developed through NBE’s e-wallet “Phone Cash,” one of Egypt’s first e-wallets. The number of “Phone Cash” subscribers has so far reached more than 1.6 million customers. NBE’s e-wallet offers several electronic banking services that mainly attract younger customers, and these services include sending money from one wallet to another, paying bills and donations, and issuing a virtual card number (VCN). This service enables users to select the amount required and use the card easily and securely in online shopping. 

Last, but not least, NBE’s unwavering dedication to its social responsibilities has earned it the final award of “Best Banking CSR Provider”. As the largest financial institution in Egypt, NBE complements its pivotal economic role with a steadfast commitment to improve the social welfare of underprivileged Egyptians. Adopting the concept of global strategic sustainability, the bank’s contributions support citizens by enhancing the efficiency and viability of projects and services delivered in the fields of healthcare, education, and for the development of low income areas. In addition, NBE’s CSR activities are vigorously engaged in the empowerment of women and people with disabilities. Such global recognition not only mirrors the bank’s positive impact on Egyptians’ quality of life, but also emphasises NBE’s alignment with the state’s development plans. 

Okasha considers NBE’s success in winning these various awards from The European a testament to the bank’s vital role in the Egyptian banking industry and economy. Okasha commends NBE’s  competent and experienced teams whose efforts and dedication to develop and provide exceptional services and products enable the bank to win such distinguished awards, as noted by global assessment experts. NBE continues to execute its ambitious strategies
to upgrade its offerings in retail banking, while actively expanding its digital framework. This digitalisation project has been one of NBE’s highest priorities over the last few years, with the aim to promote the government’s plans to shift the country into a society less dependent on cash. 

This year’s range of awards granted to NBE ultimately demonstrate the bank’s effective engagement with diverse sectors across the economy and confirms NBE’s pledge to continuously strengthen national progress and the welfare of all Egyptians.

Further information

www.nbe.com.eg

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