WE, the retail brand of Telecom Egypt and country’s leading telecommunications and information technology service provider, has announced a strategic partnership with the Commercial International Bank (CIB), the country’s largest private sector bank. The collaboration aims to deliver an innovative model that expands access to financial services for WE customers across Egypt.
Under the memorandum of understanding, CIB will develop financial products and services tailored specifically for WE customers, utilising the latest digital models and programmes within a Banking-as-a-Service framework. The partnership will leverage WE’s extensive geographical reach, distribution channels, and services offered to millions of customers, creating added value for both organisations and contributing to financial literacy, the integration of the informal economy, and greater financial inclusion.
This initiative aligns with Egypt’s digital transformation goals, promoting financial inclusion by integrating banking services within the WE digital ecosystem. The collaboration also reflects CIB’s commitment to innovation and customer-centric banking, ensuring financial services are available anytime, anywhere.
By combining their efforts, WE and CIB are setting a new standard for cooperation between the banking and telecommunications sectors, paving the way for a more connected and financially inclusive future.
“We place our customers at the top of our priorities, and through this partnership with CIB, we are taking a new step towards providing integrated digital financial services that facilitate the lives of millions of Egyptians,” said Mohamed Nasr, Managing Director and CEO of Telecom Egypt. “Our extensive geographical reach and advanced digital infrastructure, coupled with our presence in every Egyptian home, enable us to reach our customers with valuable offerings that meet their needs and enhance their experience.”
Nasr added, “This partnership represents a key pillar in our strategy to promote financial inclusion and contribute to building a more inclusive and sustainable digital economy. We are proud to partner with CIB to provide a seamless banking experience within our ecosystem.”
Rashwan Hammady, Chief Retail, Commercial Banking and Financial Inclusion Executive at CIB, stated, “We have a deep belief in the importance of leveraging technology, data analysis, and building strategic partnerships to enhance access to financial services in an innovative way. This partnership represents an important step towards a more advanced digital banking future, by combining CIB’s banking expertise and our digital development with WE’s vast infrastructure and unparalleled geographical reach.”
Hammady added, “We aspire that our cooperation with WE will enable millions of customers to benefit from banking services easily and safely, enhancing our commitment to digital innovation and financial inclusion.”
Discussion about this post