The United Bank will introduce in all branches a service for paying all government dues, such as individual and company taxes and customs, the bank’s chairman Mohamed Ashmawy revealed Thursday.
The move comes in cooperation with the Ministry of Finance.
Ashmawy stressed the significance of enhancing electronic payments in Egypt, instead of depending on traditional transactions through cash methods.
In late 2013, the bank, which entered the Egyptian market in 2006, started a cash transfer service in Egyptian pounds at 200 ATMs across the country, provided to bank clients and non-clients alike.
In 2014, the bank joined the Central Bank of Egypt (CBE) in a scheme aiming to boost Egypt’s economy and real estate market by refinancing mortgage customers at discounted prices. Through the initiative, the CBE would allocate EGP 10bn ($1.44bn) for low-cost housing projects.
As per the initiative, the money was deposited to banks, such as the United Bank, for 20 years at a low interest rate. The banks will lend the money to citizens who qualify to buy houses at a yearly interest rate of 7% to 8%.