< Back to Articles

AlexBank Grants Access To Microfinance For First Time Ever In Egypt

AlexBank Grants Access To Microfinance For First Time Ever In Egypt

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.

             

               Tags
                Alex Bank, AlexBank, Microfinance, Ma7fazty, digital wallet, iOS, Android, m-finance, digital banking, Central Bank of Egypt, CBE                           

related articles

16 September 2020

Setting Digital Banking Transformation Priorities During a Pandemic

9 August 2020

Can Blockchain Technology Affect Banking and FinTech?

5 May 2020

Relevance of Scheduling Apps for Bank Appointments is Skyrocketing

5 May 2020

How is Banking Changing with COVID-19?

13 January 2020

Banking Experts Forecast Key FinTech Trends in 2020

23 December 2019

6 FinTech Trends That Will Transform Banking In 2020

12 Sept 2019

Central Bank of Egypt Governor assumes Chairmanship of AFI Board of Directors

16 July 2019

Meeza cards, the Egyptian national payment scheme push for financial inclusion in Egypt

FinTech Newsletter

Sign up to our newsletter to stay up-to-date on the latest fintech news and events.

Subscribe