CAIRO: First Abu Dhabi Bank in Egypt has signed a memorandum of understanding with Egypt Post to boost financial inclusion in society and improve customer services.
The strategy is in line with the country’s plan to improve and develop communication channels with citizens and improve access to basic services.
The agreement was signed by Mohamed Abbas Fayed, CEO of First Abu Dhabi Bank, and Sherif Farouk, Chairman of the National Postal Authority, Egypt Post.
A statement issued by First Abu Dhabi Bank said the memorandum of understanding will improve access to post offices, through which foreign remittances, salaries and pensions can be received and disbursed by Egyptians at home and abroad.
The partnership will also help the bank provide notification and collection services to customers, payments through its mobile smart wallet, services for collecting and paying customer dues, exchange and collection services for small and medium enterprises, credit services and contractual postal services.
The statement added that the agreement will build a culture of financial inclusion and awareness, while also reducing the cost of banking operations.
Farouk said that the memorandum will allow the authority to handle remittances of overseas Egyptians through its 4,000 Egypt Post branches across the country.
Fayed said the partnership is part of the bank’s strategy to boost access to customer services, whether individuals or companies.
He added that money transfers from outside Egypt are one of the most important sources of foreign currency for the country. Easing money transfers for Egyptians working abroad with First Abu Dhabi Bank via the National Postal Authority will increase the amount of remittance exchange outlets and transfers.
The First Abu Dhabi Bank is the largest bank in the United Arab Emirates and one of the biggest financial institutions in the world. Its network of branches are in 19 countries around the world, including Egypt.