The Agricultural Bank of Egypt (ABE) issued 168,000 “Aman El-Masreen” certificates worth a total of EGP 183m from March to the end of July, according to ABE Chairperson Elsayed Elkosayer.
The ABE started issuing these certificates in the first week of March, besides the National Bank of Egypt (NBE), Banque Misr, and Banque du Caire, and in cooperation with Misr Life Insurance Company, to issue insurance policy for temporary and seasonal workers and low-income segments.
The values of Aman certificates’ categories range from EGP 500 to EGP 2,500, with a three-year validity and 16% interest. The certificates can be purchased by any informal or temporary labourer between the age of 18 and 59. The insurance fees, ranging from EGP 4 to EGP 20, are deducted from the certificate’s value depending on its category. The value of compensation in the case of a natural death ranges from EGP 10,000 for the EGP 500 category to EGP 50,000 for the EGP 2,500 category. In the case of death by accident, the compensation value ranges from EGP 50,000 for the EGP 500 category to EGP 250,000 for the EGP 2,500 category.
According to ElKosayer, the bank’s nationwide network of 1,210 branches contributed to reaching all Egyptian society segments in villages and cities of different governorates.
Elkosayer said that the bank’s sales of the certificates focused on the EGP 500 segment, affirming that they market the certificate in agricultural communities and companies that have temporary employment.
He pointed out that the Aman certificates’ outcome confirmed the bank’s role in supporting the state plan of financial inclusion, instructed by the political leadership and followed by the Central Bank of Egypt, with the aim to attract all society segments to the banking sector to achieve comprehensive economic development.