Banque Misr pioneers establishment of subway station ATMs in Egypt

EGYPTBanque Misr, Egypt’s second largest commercial bank has signed a cooperation protocol with the Egyptian Company for Metro Management and Operation to deploy ATM machines at all subway stations.

Covering 71 stations in Cairo, the move aims at easing access to banking services by all the users of the tube.

According to a report by Egypt Today, the partnership will make Banque Misr the first bank to cover all of Egypt’s Metro stations with Automated Teller Machines.

Already, 10 ATMs have been installed in stations as a first phase even as the Bank prepares to cover all the stations expected before the end of the year.

Banque Misr is considered to be a leader in Egypt’s automated banking sector and currently has an advanced and extensive ATM network that is comprised of over 2400 ATMS spread all over Egypt and fully equipped with the latest technological techniques

The extensive ATM network enabled the Banque Misr to be the first bank to provide cash and deposit service for electronic mobile portfolios’ customers.

The service is currently being provided through BM ATMs in collaboration with the national transfer network for payment services through mobile phones.

Earlier this month, Banque Misr, increased its ownership stake in CI Capital to 24.70 percent, making the bank the largest shareholder of the company.

CI Capital Holding for Financial Investments (CICH) offers diversified non-banking financial solutions and services to a large base of clients.

Banque Misr, also recently secured a senior unsecured loan of $100 million from the European Bank for Reconstruction and Development (EBRD) to enhance the resilience of local businesses during the COVID-19 period.

Banque Misr is benefiting from sweeping reforms enacted by Egypt over the past three years that helped revive economic growth which stalled in the wake of the 2011 uprising.

A steep devaluation of the pound and soaring interest rates have spurred a surge of investment in local debt, helping end crippling dollar shortages.

The bank saw $15.6 billion in foreign-currency inflows in 2019, and $2 billion in January alone, according to its chairman.

That’s helping the lender grow both in its homeland, the Arab world’s most populous nation, and further south on the African continent.

Basque Misr is also targeting about 40 new domestic branches this year, raising the total to roughly 750.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.