The Chairman of the Agricultural Bank of Egypt (ABE), announced that the bank intends to launch a smart application, to finance activities electronically, allowing customers to apply for the loan and submit their documents online, and the customer receives approval on the same day.
He explained that the loan amount is transferred to a prepaid debit card, as part of the bank’s plan to digitize all of its banking and finance services by launching a set of digital products and smart applications that meet customers’ needs and find alternative payment channels, with the aim of transforming into a cashless society.
Farouk also explained that there is a close relationship between digital transformation and economic growth, especially with regard to providing and making financing available to small and medium-sized companies, which are the backbone of the economy, by facilitating procedures, electronic payment methods and other facilities that banks provide for these projects.
He stressed that digital transformation is an essential element in achieving financial inclusion and contributes mainly to reaching the unbanked and underbanked who face great challenges to access traditional banking systems. This can be addressed by providing more easy and suitable solutions for all, which enhances the process of digital transformation and financial inclusion.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.