Cairo – September 21th
The new strategic agreement will provide business banking customers with a host of financial and non-financial services for their businesses to thrive. By leveraging Visa’s digital solutions and technological capabilities, CIB can grow its current SMEs base while strengthening its value proposition. Commercial International Bank (CIB), Egypt’s leading private sector bank and Visa, the world’s leader in digital payments, announced a new 5-year commercial deal to implement the strategic objectives of both Visa and CIB and the nation’s strategy to support SMEs.
This partnership will attract new entrepreneurial flows into the market by giving CIB business banking customers exclusive benefits to manage their business efficiently and adapt to the market’s fluctuating nature. Building on the support Visa provides to support small businesses worldwide through its various business solutions, the partnership will also allow businesses to flourish using new platforms and solutions such as a streamlined payment and acceptance solution.
“Our partnership with CIB puts digital solutions and capabilities in the hands of promising business owners, giving them access to the digital economy both in Egypt and abroad,” said Malak El Baba, Visa’s Country Manager for Egypt. “Through the implementation of new digital tools, SMEs will be able to expand and optimize local and international payment options, which is within the framework of Visa’s strategy to facilitate global money movement.”
“We are looking forward to utilizing this partnership in growing new ventures, as small and medium businesses play an integral role in our communities,” said Rashwan Hammady – CIB’s Head of Retail Segments & Products “Through Visa’s advanced solutions and technological capabilities as well as future partner initiatives, CIB’s business banking customers will be able to scale their businesses to the next level.”
CIB recently launched its segment CIB Growth, designed to facilitate business banking for small enterprises with a turnover of less than EGP 50 million. In line with Egypt’s 2030 Growth Strategy, CIB is also committed to growing the financing of SMEs with a special focus on women-owned businesses. Through this partnership, CIB and Visa will bring innovative, tailored solutions for women entrepreneurs with the help of Visa’s advanced digital payments tools and network capabilities.