On Wednesday, Al Ahli Bank of Kuwait – Egypt (ABK-Egypt) announced the signing of a long-term strategic partnership agreement with Visa, a global leader in digital solutions and payment technology.
The partnership aims to provide the newest digital payment technologies to satisfy customer demands, launch cutting-edge products and services for various market segments, and improve its digital payment solutions with cutting-edge and competitive features and benefits.
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Introduction of new products and services
In keeping with Egypt’s plan to fully embrace digital transformation and advance electronic payment systems, this partnership entails the introduction of a number of new products and services that cater to the varied demands of different client segments.
By means of this strategic collaboration, the Bank aims to advance its expansion strategy and implement cutting-edge solutions that offer clients a smooth and secure banking experience.
Partnership aligns with Egypt’s goal of becoming a cashless society
ABK-Egypt is dedicated to Egypt’s goal of becoming a cashless society and its financial inclusion plan. Therefore, in order to improve customer experience and strengthen its position in the fiercely competitive and dynamic Egyptian market, the Bank implements a digital transformation strategy that centres on optimising banking operations.
“We take pride in this cooperation and look forward to capturing a substantial market share through increasing transaction volumes and attracting new customer segments,” said Mr. Khaled Barakat, Deputy CEO ABK-Egypt leading Consumer Banking, in response to this alliance.
He also underlined ABK-Egypt’s unrelenting efforts to broaden its retail portfolio by improving service quality and introducing new products and services that offer competitive advantages and are in line with the newest technological advancements and the evolving demands of diverse clientele.
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Visa’s commitment to advance digital transformation in Egypt
In the same vein, Visa’s Vice President and Country Manager in Egypt, Malak Al-Baba, stated, “We at Visa are committed to providing the latest digital payment innovations to enhance consumer’s experience in Egypt. This agreement with Al Ahli Bank of Kuwait – Egypt represents a significant step towards achieving this goal, and we look forward to contributing to advancing digital transformation in the country.”
He continued, “We believe that supporting our partners in achieving their ambitions is part of our mission. Through this strategic cooperation, we are proud to be part of Al Ahli Bank of Kuwait – Egypt’s vision to develop innovative banking solutions, enrich customers’ lives, and provide a seamless and secure banking experience.”
It is important to note that the Bank’s position in the digital payments industry has strengthened significantly with the signing of this agreement with Visa. By drawing in new clientele and enticing more people to use banking services, this partnership enables ABK-Egypt to grow its clientele. It focusses especially on young people, who are becoming more and more reliant on technology in their daily lives and significantly boosting the Egyptian economy.