The National Bank of Egypt (NBE) has launched, for the first time in the Egyptian banking market, its new electronic payment service for corporates, “B2B”, whether large, medium, or small wholesalers, contractors, and retailers. It provides electronic collection and payment tools, to ensure ease of dealing and security of transactions.
Yehia Aboul Fotouh, Vice Chairperson of NBE, said that the bank aims to expand the digitisation of payments, in line with the Central Bank of Egypt’s (CBE) plans for digital transformation, the transition to a society less dependent on cash, and financial inclusion.
Karim Soos, CEO of Retail Banking and Branches at the bank, stressed that small and medium-sized companies are an integral part of the Egyptian economy, along with large corporates, which encourages the NBE to provide the necessary facilities, in addition to all supporting services. For this, it developed the product of payment cards, whether a corporate credit card or a corporate debit card, to target this segment of small and medium companies as well as large companies, so that it meets their needs as well as the automation of their payments and receipts.
He indicated that the bank launched this system in cooperation with the Eastern Company. The new platform creates accounts for companies, provides them with direct debit cards, and automates their payments for contractors, small traders, and retailers, which covers all segments. The B2B service comes in line with the directions of the CBE with regard to financial inclusion.
Soos said the implementation of the new platform is currently underway and will be applied to other major companies in different sectors. He added that the bank cooperated for the first time with a credit risk guarantee company in this regard.
