National Bank of Egypt recognised for providing cheaper and faster remittance service as it wins Best Payments Initiative, Application or Programme at The Asian Banker Middle East and Africa Risk Management and Transaction Awards 2019
- Introducing an ‘agents incoming electronic wire transfer solution’ to the Egyptian working community in the region
- This solution leverages the bank’s inhouse remittance hub system to support the secure transfer of online batch payment files based on different payment types
- As a result, the bank achieved a significant performance in the remittance business
Dubai, 7 November 2019— National Bank of Egypt received the award for Best Payments Initiative, Application or Programme at The Asian Banker Middle East and Africa Risk Management and Transaction Awards 2019. The awards ceremony was held in conjunction with the International Finance Summit at Conrad Dubai.
In the picture: Mohamed Kamash, Group Head, Banking Operations Shared Functions and Amir Matta, General Manager, Central Transfer Division
Introducing an ‘agents incoming electronic wire transfer solution’ to the Egyptian working community in the region
National Bank of Egypt introduced a new payment solution in coordination with Money Service Business providers in the Gulf Cooperation Council area. The bank offered an alternative channel to the Egyptian workers in the Gulf region through which they can send remittances to their family and relatives in Egypt. This new solution was introduced to meet the needs of Egyptian workers in the Gulf region, among which is to find a faster and cheaper solution to remit money back to their homes. This created a wide partnership with different money service businesses (MSBs) in the Gulf countries, reaching as many as 30 agents within the bank’s multiple offices.
This solution leverages the bank’s inhouse remittance hub system to support the secure transfer of online batch payment files based on different payment types
The bank recently developed an inhouse remittance hub system through which any type of file sent from the MSB is properly formatted and processed based on the payment type and the different product varieties. The National Bank of Egypt demonstrated the will to create ecosystems with MSBs/agents to provide a convenient and simple channel to deliver money to families, streamline the transaction process and allow consumers to access to an array of financial services.
As a result, the bank achieved a significant performance in the remittance business
National Bank of Egypt achieved significant growth in remittance service with the bank capturing more than 30% of the incoming remittance market. It was able to capture large foreign currency deposits which are increasing on a yearly basis. The bank continues its efforts to introduce new features and payment solutions suitable to the working community in the region.
About the programme
The Middle East and Africa Risk Management and Transaction Awards Programme is designed to identify emerging best practices and outstanding achievements of the best-run risk management teams and evaluate their achievements in cash management, payments, and trade finance business. Taking on an audit-based approach from 2018, the recipients of these awards were determined through a combination of surveys, interviews and field research by The Asian Banker’s research staff.
To know more about the programme, visit http://www.asianbankerawards.com/Middle-East-and-Africa-Awards/awards.php.
To view the Middle East and Africa photo gallery, visit https://business.facebook.com/pg/TheAsianBanker/photos/?tab=album&album_id=10157709300199804
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com.
For more information, please contact:
The Asian Banker
Tel: +44 1823 711134