• The National Bank of Egypt (NBE) launched a Visa credit card in US dollars to support foreign currency transactions.
• Mohamed Eletreby, NBE CEO, explained the card simplifies foreign currency transactions both within Egypt and internationally.
• The card is available with dollar certificates, offering benefits like exclusive fees, a 55-day grace period, and reward points.

NBE 

What happened? The National Bank of Egypt (NBE) in collaboration with Visa, announced the launch of a credit card in US dollars. The card is designed to address the needs of customers handling financial transactions in foreign currencies, both in Egypt and internationally.

What is the purpose? Mohamed Eletreby, CEO of NBE,  explained that the card aims to simplify foreign currency transactions for customers.

Malak El Baba,  Visa Egypt Vice President and Country Manager, detailed that Visa is collaborating with NBE to enhance the experience of electronic payments in foreign currencies. In addition to providing exclusive benefits when making purchases or withdrawing cash outside of Egypt.

How is the card issued? Hala Helmy, Head of Products and Financial Inclusion at NBE, shared that the card can be issued when purchasing dollar certificates. It is also going to be available to existing customers who hold dollar certificates.  She further clarified that the card will have a minimum value of USD 2,000 and the maximum of USD 50,000. 

USD Credit Card

What are the benefits? The card will allow customers to conduct transactions in foreign currencies  outside of Egypt, including purchases, international cash withdrawals, and online shopping. 

Additionally, the card will offer exclusive issuance and renewal fees, a competitive interest rate on outstanding balances, and grace period of up to 55 days for purchases without interest. Customers will also be able to benefit from the  ‘Al Ahly Points’ program which will give 22 points for every dollar spent.