By: Islam Fadl

Cairo – Mubasher: Total electronic payments managed by SAIB Bank reached EGP 7 billion at the end of last August, Amr Nossair, Head of Retail Banking at SAIB Bank, revealed.

The number of companies using digital payments via the bank has registered 1,870 at the end of September, Nossair added in a press conference on Monday.

The collaboration with Raseedy will help the bank reach a larger segment of customers through facilitating non-cash payments, he noted.

The portfolio of Raseedy targets micro-enterprises, corporates, and individuals.

The bank’s retail banking portfolio jumped by 40% over the January-September period to EGP 3.9 billion.

Next week, the bank is planning to launch internet banking service for external remittances.

Subscriptions to smart portfolio also increased by 63% over the first nine months of 2020 due to the increased demand on digital payments to curb the spread of the coronavirus (COVID-19).