In line with Banque Misr's commitment, as a leading bank, to offer services tailored to citizens' needs, Banque Misr has recently signed a cooperation protocol on electronic payment and collection services with the Holding Company for Drinking Water and Wastewater. The agreement was signed by Mr. Mohamed Al-Etreby, Banque Misr's Chairman, and Engineer Mamdouh Raslan, Chairman of the Board of the Holding Company for Drinking Water and Wastewater.
This partnership aims to enhance the digital payment system for drinking water and wastewater services provided by the companies under the Holding Company. The agreement lays out the rules, terms, and conditions governing the mechanism for delivering electronic payment and collection services to facilitate financial transactions for beneficiaries.
The protocol enables the provision of collection services via indoor electronic points of sale (POS INDOOR), with the bank covering all collection centers and commercial branches of its subsidiaries. Additionally, it allows for activating payment services through electronic wallets and QR codes. Major companies facilitating payment will also have access to the government payments service. Furthermore, the system will offer bill collection services through the applications and websites of the Holding Company for Drinking Water and its subsidiaries. Moreover, the implemented system will provide weekly services, including bill inquiries, payment services, and receipt payments.
Mr. Mohamed Al-Etreby, Banque Misr's Chairman, noted that the bank's signing of this protocol aligns with its strategy to lead the future of digital payments and pioneer advanced financial services, keeping pace with digital transformation. By providing a wide range of e-banking services, Banque Misr aims to enable customers to conduct transactions conveniently and safely anytime, anywhere, delivering a superior banking experience.
As Banque Misr strives to bring cutting-edge tech services to its offerings, ensuring continued leadership of Egypt's banking system, it recognizes that technological innovation is crucial for sustaining market prominence globally. Banque Misr saw robust growth in 2023, with its electronic payment acceptance portfolio expanding 95% in total value (53% for point-of-sale, 300% for websites, and 120% for QR codes), now encompassing 640 thousand POS, over 6 thousand websites, and more than 6 million QR code transactions.
Engineer Mamdouh Raslan, Chairman of the Board of Directors of the Holding Company for Drinking Water, emphasized the importance of this partnership in improving the quality of services offered. He stated that the agreement implements the directives of the Ministry of Housing, Utilities & Urban Communities, considering security and quality in providing electronic payment and collection services. This is part of the company's ongoing efforts to enhance digital communication with citizens and develop service technologies to meet modern requirements. The agreement boosts digital integration and helps achieve financial inclusion aligned with Egypt's Vision 2030. Mr. Raslan added that this collaboration is a strategic step towards a forward-looking vision that enables integration and innovation in service delivery, responding to citizens' needs and aspirations.
Banque Misr is committed to forming partnerships and initiating projects that promote utilizing diverse electronic payment methods. These methods, offered by Banque Misr, cater to the diverse needs of society and facilitate the transition towards a society that relies less on cash. This transformation necessitates the collaboration of various stakeholders and the implementation of incentives to ensure widespread adoption. Additionally, by embracing electronic payment systems, the bank aims to deliver services catering to all customer segments' requirements. This commitment aligns with the bank's values and strategies, prioritizing sustainable development and Egypt's prosperity.
