Bank saib is gearing up for significant digital banking expansion with a focus on completing its technology infrastructure and enhancing service offerings. The bank maintains a strong position in syndicated loans and SME financing, while also growing its retail banking and geographic presence. Additionally, saib places emphasis on sustainable finance and social responsibility programs in its community initiatives.
Afdal Naguib, CEO of Bank saib, highlighted the rapid advancements in digital banking globally, citing efforts by the Egyptian government and the Central Bank of Egypt (CBE) to enhance financial inclusion and digital banking services. He acknowledged that while banks are establishing fully digital branches, they await crucial regulatory frameworks like Digital KYC and electronic signatures to fully utilize their capabilities and compete internationally.
Naguib detailed saib’s strategy to upgrade its technological infrastructure in alignment with global security standards as it prepares for digital banking expansion. Following these updates, the bank intends to introduce new digital products to better serve its customers.
In the syndicated loans market, Bank saib actively participates, with a portfolio of EGP 2.7bn and $380m aimed at crucial sectors of the Egyptian economy. The bank plans to further expand this portfolio in 2025, particularly in projects that support Egypt’s economic goals, such as renewable energy initiatives.
Bank saib has successfully met the CBE’s SME lending requirement, exceeding 25% over a year ago, and is now exploring various financing solutions to support small businesses. Additionally, the bank plays a significant role in the securitization of consumer finance portfolios, extending its services beyond pure lending to include advisory capabilities.
Despite entering the retail banking sector later than its competitors, saib has experienced remarkable growth, achieving a retail portfolio of EGP 17.844bn. Naguib emphasized the bank’s ongoing commitment to innovation in retail products, with plans to launch a new loan product that aims to positively impact the market.
The bank continues to modernize its branch network and expand geographically, growing from 40 ATMs to 154 as of November 2024, with plans to develop four additional branches in 2025. This expansion is part of saib’s objective to enhance service accessibility across various regions.
In collaboration with the Social Housing Fund, saib has provided EGP 1.116bn in mortgage financing to help 7,000 clients, with a notable share in a subsidized mortgage initiative targeting low- and middle-income groups amounting to EGP 256m.
The bank is pursuing a digital transformation strategy to enhance its banking services based on customer preferences, aligning with Egypt’s cashless society vision. Over 60,000 customers are utilizing saib’s mobile banking, and the bank has upgraded its online banking platform to cater to corporate clients, serving over 3,500 businesses.
saib was an early adopter of Egypt’s Instant Payments Network, which allows customers to execute real-time transfers around the clock. Enhanced digital offerings include upgraded ATMs, a revamped mobile payment application, and a wearable payment device, “saib PayBand,” associated with the bank’s credit and debit cards.
The bank is investing in sustainable finance initiatives, allocating EGP 894m to these efforts, highlighting its commitment to long-term financial stability while addressing environmental and social factors.
saib has updated its corporate social responsibility policy to align with current societal needs, focusing on healthcare, education, and economic empowerment. Continuing its social impact, the bank supports various initiatives, including “El Azzouma” in partnership with the Egyptian Food Bank and collaborations benefiting community schools and healthcare programs.
Bank saib is strategically preparing for an expansion in digital banking and enhancing its technological infrastructure while ensuring compliant operations with the CBE. It remains committed to fostering growth in SMEs, achieving impressive growth rates in retail services, and enhancing its geographical footprint while emphasizing sustainable finance and corporate social responsibility initiatives.
Original Source: www.dailynewsegypt.com
