saib continues geographical expansion by opening new branch in Shebin Al-Koum, Menoufiya

As part of Saib’s continued efforts to implement their expansion plan in various parts of the country, the bank recently opened a new branch in Shebin Al-Koum, Menoufiya, in accordance with the new corporate identity that combines modern design and technology to familiarise customers with the bank’s products.

The opening was attended by Chairperson and Managing Director of saib Tarek Al-Khouly in the presence of the bank’s leaders and a group of major clients from Menoufiya.

“We aim to grow our branch network to a competitive level that combines modernity of design and an outstanding level of banking service. We are working to develop our banking services and provide innovative solutions to achieve the highest level of experience and customer satisfaction. This comes in line with saib’s expansion strategy. It also supports the Central Bank of Egypt’s (CBE) initiatives to promote financial inclusion to enhance development and increase economic stability,” said Al-Khouly.

Amr Atallah — Deputy Managing Director of the Retail Banking Sectors, Branches, and Operations at saib — said that the opening of the Shebin Al-Koum branch is a major addition to the bank and reinforces its presence in the Delta region. The bank is also present in Tanta, Mansoura, Mahalla, and Damietta.

Amr Nosseir — Head of the Retail Banking Group, Distribution Channels, and Institutional Communication — explained that choosing to open a new branch in Shebin Al-Koum came after a study of the market.

“We are keen to choose the locations of the branches according to precise criteria, including the location and the target segment of customers,” said Nosseir.

He pointed out that the branch has been equipped with all the latest systems and standards applied globally, which provide the bank’s customers with convenience and speed in performing their banking activities.

He also noted that a special lounge has been equipped for senior customers to achieve excellence, privacy, and speed of completion of banking transactions. The branch was also provided with interactive screens to display the bank’s products, in addition to a digital banking corner.

Furthermore, Nosseir revealed that saib now has 37 branches across the country as a result of its expansion plans. These plans target adding new branches, changing the locations of existing branches to more distinguished locations, and developing existing branches with the aim of expanding the base of customers.

In the same context, Nosseir pointed out the bank’s success in doubling and increasing the number of ATMs to 111 in implementation of its digital strategy and strengthening efforts to reach customers in multiple governorates.

Based on a geographical study conducted, these ATMs were installed in areas where no ATMs are available in order to enhance the customer experience and support financial inclusion as per the directives of the CBE. He pointed out that the bank aims to increase the number of ATMs to 165 before the end of this year as part of the geographical expansion plan.

saib’s number of clients subscribed to its internet banking services also increased by about 7,074 from January 2022 until the end of June 2022, achieving an increase of 36% compared to 2021.

The volume of transactions that took place through these internet services from the beginning of January 2022 until the end of June is estimated at EGP 411m across 21,213 transactions, compared to EGP 386m across 19,486 transactions in 2021.

Additionally, the total number of digital ‘Raseedy’ wallets issued by the bank since the beginning of January 2022 until the end of June reached EGP 295,000, with a trading volume of EGP 3.92bn through 3m transactions, compared to 238,000 portfolios with a trading volume of EGP 3.25bn through 1.65m transactions at the end of 2021.

The bank is also one of the first 10 banks to launch the IPN instant payments service in cooperation with the CBE. This service allows customers to transfer cash and make payments in real time.

The new service is in line with the bank’s ambitious plan to develop electronic channels and the general trend towards accelerating the pace of digital transformation of the banking sector by creating unconventional means of communicating with different customer segments alongside traditional means.

The volume of payments from the first day of launching the service so far amounted to about EGP 100m, while the number of the bank’s customers subscribed to the service reached 2,480.