United Bank launches UB Dig­i­tal Wal­let

Fin­tech has be­come main en­gine of growth for na­tional econ­omy, dis­sem­i­na­tion of fi­nan­cial in­clu­sion cul­ture, says El Kady

The Daily News Egypt - - Banking -

The United Bank of Egypt (UB) launched the UB Dig­i­tal Wal­let, which is its lat­est tech­no­log­i­cal so­lu­tion for the Egyp­tian fi­nan­cial mar­ket, in lieu with the ef­forts of the state and the Cen­tral Bank of Egypt (CBE) to ex­pand fi­nan­cial in­clu­sion and pro­mote non-cash pay­ments.

The UB Wal­let of­fers a range of ser­vices, in­clud­ing pay­ing bills, top­ping up mo­bile credit,trans­fer­ring money in­ter­nally from the wal­let to another wal­let, pay­ing ser­vices di­rectly from the wal­let, de­posit­ing funds in the wal­let from bank ac­counts, in­quir­ing about trans­ac­tions, pay­ing credit card dues, recharg­ing pre­paid cards,ob­tain­ing an elec­tronic state­ment,and with­draw­ing money from the wal­let through mem­ber re­tail­ers.

Ac­cord­ing toAshraf El Kady,chair­per­son of the bank, fin­tech has be­come the main driver of growth for the na­tional econ­omy and the dis­sem­i­na­tion of a cul­ture of fi­nan­cial in­clu­sion, given its vi­tal role in the in­te­gra­tion of the in­for­mal econ­omy into the na­tional econ­omy.

He added that the United Bank is al­ways striv­ing to of­fer a range of smart fi­nan­cial tech­nol­ogy ser­vices through mo­bile phones, in­ter­net bank­ing, and dig­i­tal wal­lets, as well as cor­po­rate bank­ing ser­vices, and man­ag­ing the cash flow of com­pa­nies in the best way to max­imise re­turn, in ad­di­tion to a wide net­work of ATMs.

He noted that the in­tro­duc­tion of such ser­vices is due to the vi­sion and strat­egy of the bank backed by huge in­vest­ments in the field of in­fra­struc­ture, dig­i­tal plat­forms, and safety stan­dards.

“At UB, we con­duct reg­u­lar mar­ket stud­ies on cus­tomers and their bank­ing needs to iden­tify them.And through data and anal­y­sis of cus­tomer be­hav­iour, we can ex­pect their needs of bank­ing trans­ac­tions,and thus work to in­no­vate and pro­vide so­lu­tions that meet these needs with high ef­fi­ciency,” he ex­plained.

El Kady said that the less than 33% of adults have bank ac­counts in Egypt, which proves that the mar­ket has not sat­u­rated yet and that clients seek more in­no­va­tive so­lu­tions.

He added that the com­pe­ti­tion be­tween banks is no longer in the grant­ing of funds and at­tract­ing de­posits at the level of tra­di­tional bank­ing prod­ucts, but has en­tered fi­nan­cial tech­nol­ogy com­pe­ti­tion, es­pe­cially with the direc­tion of the state and the trend to­wards the mech­a­ni­sa­tion of all gov­ern­ment fi­nan­cial trans­ac­tions and the dis­sem­i­na­tion of fi­nan­cial cul­ture and fi­nan­cial ser­vices via mo­bile phone.

Ashraf El Kady, chair­per­son of the UB

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