Al Mohandes Insurance Company and Al Ahly Momkn have inked a strategic agreement, marking a major step towards driving digital transformation in the Egyptian insurance industry.
The collaboration, which was announced on Wednesday, intends to improve electronic payment services, providing insurance customers nationwide with a smooth and safe payment experience.
Per the agreement, Al Mohandes Insurance’s institutional and individual clients can now use Al Ahly Momkn’s cutting-edge payment platform to pay for their insurance premiums and other services. This program supports digital financial inclusion and Egypt’s overarching goal of moving towards a cashless economy.
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“We are proud of this strategic partnership with Al Mohandes Insurance Company, which reinforces our commitment to advancing digital transformation and delivering innovative payment solutions to meet the needs of the Egyptian market,” said Mahab Gamal, Deputy CEO and Head of Business Development at Al Ahly Momkn.
He added that the partnership will streamline the process of collecting and paying insurance premiums by introducing several safe payment methods. There are plans to improve the digital experience for users by allowing premium payments through the Al Ahly Momkn application.
Al Mohandes Insurance CEO Khaled Abdel Sadek called the collaboration a critical step in enhancing the company’s products.
“This cooperation reflects our dedication to providing innovative and user-friendly payment methods, aligning with our vision of delivering comprehensive and customer-centric insurance solutions,” he said.
The partnership aligns with Egypt’s 2030 Sustainable Development Goals
The collaboration’s wider ramifications were also underlined by Hamdy Gad, Senior Business Development Manager for the Non-Banking Financial Services Sector at Al Ahly Momkn.
“This partnership signifies a qualitative shift in the insurance sector’s payment services, supporting the Egyptian economy and aligning with the state’s 2030 sustainable development goals,” he stated.
Gad also underlined the impact of the project in boosting operational efficiency, saving expenses, and developing a comprehensive client database for targeted services.
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About Al Ahly Momkn and Al Mohandes Insurance Company
Supported by the National Bank of Egypt, Al Ahly Momkn is a prominent provider of electronic payment services, providing a variety of safe platforms and solutions to enable online transactions.
To hasten Egypt’s shift to a cashless society, the company is dedicated to helping consumers and companies embrace digital payment options.
A pioneer in the Egyptian insurance industry, Al Mohandes Insurance was founded in 1980 and provides a wide range of liability, property, and life insurance options.
The company’s commitment to bolstering the domestic economy and raising customer satisfaction is demonstrated by its ongoing innovation and alignment of its services with international trends.
This collaboration demonstrates the companies’ shared dedication to promoting digital transformation in the insurance industry and supporting Egypt’s objectives for economic growth.