Emirates NBD Egypt is one of the largest banks operating in Egypt excels in premier banking and pioneers in digital banking. It is an essential stakeholder in financing mega infrastructure projects and development initiatives in Egypt. Emirates NBD Egypt is a wholly owned subsidiary of Emirates NBD Group, a leading banking group in the region.
How do you see the Egyptian economy?
Egypt’s macroeconomic indicators are excellent, everything points to a revival of the Egyptian economy, and we can see the economic reforms are beginning to pay off. The uniqueness of the efforts has been the efforts in financial inclusion and trying to ensure that they trickle down to all segments of the population. There are many reforms in education. Egypt is looking at retransforming its educational sector and in the context of globalization ensuring every Egyptian is prepared. You build the people.
Major efforts are needed in the transformation of the telecommunications, infrastructure and healthcare sectors. Every facet of Egyptian society is targeted, not only economic which makes me very optimistic about their future effects.
How do you assess the resilience of the banking sector?
The banking sector is very resilient. Three major events which highlight this fact were the global financial crisis in 2008, the revolution and the devaluation. Egyptian banks were minimally affected. These three major events which would usually cripple a banking sector have made the sector even stronger, and especially show its resilience. It shows the positive regulatory framework. Solid. Well capitalized banking sector. When everyone was looking to exit the market, Emirates NBD Group saw an opportunity to capitalize on BNP Paribas operations and acquired the bank five years ago.
Is Egypt doing enough in financial inclusion?
Financial inclusion is essential, and digitization is a critical element. We are seeing small businesses and startups incorporated in the system through several reforms. Egypt has a very young population that has been Brough up in a Digital world. Almost all young Egyptians have access to the internet through a mobile device. They are being brought up in a very different world. They can surf the world, shop and interact in a digital world. They are a different breed of people.
This new generation interacts very differently with the baking sector. They will not wait in line nor accept many of the services we currently face today. Any bank not adjusting their services to this new clientele will not survive. This vision is part of Emirates NBD as a group and we have been one of the most successful banks regionally in this space. We have launched one of the most innovative fully digital banks in the UAE, “LIV”. We surpassed 100 000 clients, which is massive for the UAE market. It shows the appetite to be part of digital banking. Based on this and our first steps through our mobile app in Egypt which we take pride in being one of the best. It is something we will see evolve. We recently launched the first thumb identification app software in the market. It maintains security while making life more comfortable. We firmly believe in this segment and will continue to lead. We have many ideas and ways. Emirates NBD Group has signed on with WhatsApp to incorporate its services and improve the customer experience, this will be launched in Egypt in due time. We will continue adding simplicity, features, and using all the channels our customers use to ensure we improve their experience with the bank.
We must remember that the SME sector is made up two main components; Small and Medium companies. If a bank manages SME’s through retail, the focus will remain on small companies, while if the bank manages SME’s through corporate, the focus will remain on bigger medium companies. From a financial perspective that split is important so retail con focus on small companies and corporate can focus on medium enterprises so nothing falls between the cracks.
On a macroeconomic level the success of an SME needs four factors; 1. providing finance, 2. improving the skillset and productivity, 3. financial bookkeeping and transparency, 4. additional focus on startups which will be the SME’s of the future.
Premier banking is one of the biggest success stories. Our “Priority Banking” is outgrowing all other segments in the bank. Emirates NBD Egypt has a very competitive proposition and as an international bank add value in the Egyptian market and regionally. Emirates NBD Group has a strong presence globally in the United Arab Emirates, UK, China, and will soon open in Turkey. It gives the regional investor, even on a personal level, to look at all these economies and be a part. It is not only a local proposition but a proposition that can reach all the major economies of the region.
This region offers the most opportunistic economies, and Egypt is the most stable country around us. It is the only comprehensive transformation that is happening. Egypt has a large economy, has a population that is growing at 2-3%, consumption is rising, its baking sector has shown resilience during critical times. Government is committed to promoting investment, and many reforms and laws have been produced to give confidence to investors. The nation has a vibrant population full of culture. Beautiful country. Very rich in human resources. No need to import human resources. Egypt has all the ingredients for investors. A bank like Emirates NBD Egypt can link an investor to this economy of the region. As a bank, we are present in the largest economies in this region.
