AlexBank Grants Access to Microfinance for First Time Ever in Egypt
(FinTech Egypt – Youm7)
The Egyptian banking sector has seen many advancements in general e-services and digital solutions to traditional financial processes in the past few years, but perhaps one of the most revolutionary steps has recently been taken in the world of Egyptian finance.
For the first time ever in Egypt, clients of the AlexBank are now able to access microfinance processes through the bank’s mobile portfolio called “Ma7fazty” (or محفظتي in Arabic, meaning “My Wallet”). This latest effort is in line with the Central Bank of Egypt’s nation-wide strategy to develop the banking sector and take big strides towards its digital transformation, in hopes of significantly supporting the Egyptian economy.
Customers of the historical bank can access their money through the Ma7fazty application and then withdraw the funds via the bank’s “Cardless Services” ATMs if desired, in addition to Alex Bank’s branches, at no extra charge. Customers can simply pay installments through the app, resulting in a seamless digital process that transforms your mobile into a virtual wallet, empowering you to perform daily payments and transactions such as topping up their mobile balance, paying bills, transferring funds to another wallet, purchasing online and much more, all in a secure, easy & convenient way.
AlexBank offers microfinance opportunities to individuals and businesses through easy procedures, with disbursements within 48 hours. Ma7fazty is now available for iOS and Android phones.
Discover all you need to know about Ma7fazty here.
Alex Bank, AlexBank, Microfinance, Ma7fazty, digital wallet, iOS, Android, m-finance, digital banking, Central Bank of Egypt, CBE