NBK-Egypt launches “NBK EG Wallet”

Monday 17 June 2019
Cairo - MENA Herald:

NBK-Egypt launched its new “NBK EG Wallet” application, available in both Arabic and English for IOS and Android smart phone users. This new and innovative service comes in line with the Central Bank of Egypt’s directions to transform into a digital economy.

The new service offers users a unique and easy-to-use banking experience as customers can easily move money to their e-wallets through their bank account. Users may also inquire about various invoices and settle the required bill payments to numerus merchants including telecommunication companies, internet service providers, utilities, power, traffic fees and much more. Other options include the payment of donations, subscriptions, insurance premiums, ticket purchase and a wide range of other services. NBK EG Wallet also allows customers to deposit and withdraw cash from ATMs and branches that support that service, in addition to transferring funds between account holders who use NBK EG Wallet inside Egypt.

Over the past period, NBK-Egypt launched online banking services, which enables customers to perform a variety of banking transactions including checking their account balances, inquiring about the details of their loans, paying their credit cards balance and transferring money between their local and international accounts, in addition to providing additional advantages to make their experience easier and safer without the need to visit bank branches.  

NBK also launched NBK Mobile Banking App, which allows customers to perform several banking services available anytime anywhere, such as transferring funds between their own accounts, to different beneficiaries at NBK or other local and international banks. Customers may also review their transactions and the details of their loans, deposits and credit cards, as well as the option to settle their credit card balances and immediately open new accounts or term deposits.  

"Launching “NBK EG Wallet” reflects our firm belief in the importance of technological development and the need to adopt the latest innovative mechanisms due to their significant role in developing the banking sector." said Mr. Michael Asaad, Alternative Channels Manager at NBK Egypt, stressing on NBK’s keenness to enhance its competitive advantage as a leading bank through expanding its online banking services.

Mr. Asaad pointed out that launching this new service comes in line with NBK’s strategy and directions towards expanding its online services. “NBK management does not spare any efforts to support the implementation of the most advanced services through injecting huge investments in digital transformation.” Asaad added, confirming that NBK always strives to raise customer’s satisfaction and to present them with additional channels to execute their banking transactions around the clock through advanced, safe and secure digital banking options, thanks to the support and encouragement of the parent company in Kuwait.  

He concluded by saying that this step also falls within the framework of the Central Bank of Egypt's directions towards becoming a cashless society and supporting the government’s efforts to achieve financial inclusion  and cashless economy through encouraging the banks operating in Egypt to provide mobile payment services, thus reducing the dependence on cash transactions to the lowest level possible. Mobile payment options are considered one of the most important services that enable more citizens to access banking services efficiently and effectively, thus contributing to the wider use of online and alternative payment options.  

NBK-Egypt has a wide network of 50 branches spread over premium locations in various Egyptian governorates and cities including: Cairo, Giza, Alexandria, Delta, Sinai, Red Sea and Upper Egypt, in addition to the industrial zones in 6th of October and 10th of Ramadan cities. The bank is also privileged to be among the elite banks within the Egyptian market that hold an Islamic banking license in addition to its conventional licensing. It has two Islamic branches, one in Cairo and the other in Alexandria, thus enabling the bank to offer a comprehensive selection of Sharia compliant products and services in addition to its traditional offerings, in addition to a wide network of ATMs spread across the country to service the bank’s clients around the clock.

National Bank of Kuwait was incorporated in 1952 as the first local bank and the first shareholding company in Kuwait and the GCC. NBK continues to enjoy collectively one of the highest ratings among all banks in the Middle East from the three international rating agencies Moody’s, Fitch Ratings and Standard and Poor’s. The Bank’s ratings are supported by its strong financial indicators, asset quality, high capitalization in addition to its highly recognized and very stable management team, as well as its clear strategic vision and stable funding base. NBK was also named among Global Finance’s list of the 50 safest banks in the world for the thirteenth consecutive time. NBK enjoys the widest banking presence with a local and international network exceeding over 150 branches and subsidiaries reaching 4 continents. NBK’s international presence spans many of the world’s leading financial centers including the United States of America, Europe, GCC, the Middle East, China as well as Singapore.

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