Through this partnership, Banque Misr will offer electronic payment solutions within Tatweer Misr's smart cities. These cities encompass six major projects at various stages of development and planning across different regions of the country. These projects are situated in strategic locations, including the Red Sea region with the 'IL Monte Galala' project in Ain Sokhna, the northwest coast featuring the 'Fouka Bay' project, 'D Bay,' and 'Salt' projects, the East Cairo area with the 'Bloomfields' project in Mostakbal City, and the West Cairo area hosting the 'Rivers' project in New Sheikh Zayed.
The collaboration's primary objective is to transform these cities into cashless environments while ensuring the highest levels of security and convenience for the company's customers. This partnership underscores Banque Misr's leadership in delivering electronic payment solutions within smart urban communities. These communities offer a diverse range of technological solutions and applications, all aimed at contributing to the realization of cashless societies.
This collaboration aligns seamlessly with Tatweer Misr's strategic vision of establishing comprehensive urban communities characterized by innovation, sustainability, and quality across key locations in the Egyptian real estate market. The ultimate objective is to deliver added value to its customers, shareholders, and partners
Mr. Akef El-Maghraby, Vice Chairman of Banque Misr, emphasized that this partnership is a natural extension of Banque Misr's achievements in the realm of electronic payments and its commitment to bolstering digital transformation. The bank is dedicated to providing cutting-edge electronic solutions and applications for managing payments within smart cities. This initiative aligns seamlessly with the bank's overarching strategy to lead the future of digital payments.
Banque Misr's vision is rooted in the localization of advanced technological services across its operations, ensuring it remains in step with global advancements. These technological services are deemed indispensable for sustaining our leadership position. Introducing elements of digital transformation into the banking system will undoubtedly enhance the delivery of banking and financial services. It will enable us to tap into promising avenues of economic and financial development, ultimately supporting growth and extending appropriate financial solutions to a wider spectrum of society. This commitment dovetails with our efforts to promote financial inclusion.
Dr. Ahmed Shalaby, CEO and Managing Director of Tatweer Misr, commented on this partnership, stating, "Our cooperation agreement with Banque Misr aligns perfectly with our vision of creating cashless communities founded on modern technological solutions for all financial transactions." Shalaby further highlighted that Banque Misr stands as one of Egypt's premier banks in the realm of managing electronic payments within smart cities. The bank consistently endeavors to expand the scope of electronic payments, making them accessible to diverse segments of society. These efforts strongly resonate with Tatweer Misr's strategic direction, which centers on forming partnerships.
He also expressed eagerness for continued collaboration with Banque Misr in the future to advance the crucial objective of financial inclusion. This objective stands as a cornerstone of the sustainable development strategy outlined in Egypt's Vision 2030."
It's noteworthy that in 2022, Banque Misr achieved remarkable growth rates in its electronic payment acceptance portfolio, with a total increase of 91%. This growth was particularly evident in the following areas: points of sale increased by 79%, websites saw a 100% increase, and QR code usage surged by an impressive 146%. This translated to a substantial expansion in the bank's digital infrastructure, including an increase in the number of points of sale to 440,000, over 2,000 websites and mobile applications, 1.5 million electronic wallets, and more than 2 million QR code transactions.
Banque Misr maintains an unwavering commitment to forging partnerships and participating in initiatives that promote the utilization of diverse electronic payment options. These options are meticulously designed to cater to the varied needs of different segments of society. Transitioning from a cash-centric culture to a cashless society demands collective efforts from multiple stakeholders and the provision of incentives that encourage users to embrace electronic payment systems.
Banque Misr is dedicated to harnessing all available technological resources as part of its strategy to bolster digital transformation in Egypt. This commitment aligns harmoniously with the broader efforts aimed at advancing financial inclusion.
Banque Misr consistently endeavors to elevate the quality of its services, ensuring their excellence to sustain its long-term success. The bank actively engages in initiatives that are aligned with the needs of its valued customers. Banque Misr's core business values and strategies invariably mirror its unwavering dedication to advancing sustainable development and fostering the prosperity of Egypt
