Yahya Aboul Fotouh, Vice Chairman of the Board of Directors, explained National Bank of Egypt That the bank is one of the first banks to provide this service to its customers, through a product with fixed and different standards, indicating that the new account comes within the framework of the bank’s continuous efforts to provide the best service to customers and include new segments and the introduction of their transactions that took place outside the banking sector, to become under its umbrella, which is what It supports the state’s approach to financial inclusion, and contributes to the growth of the national economy, stressing that this service is concerned with securing the transactions of its customers and providing the appropriate environment and security to complete those deals.
The bank clarified that this product is available to all its customers, including individuals, companies and small and medium business customers, to support the goals of financial inclusion.
The CEO of Retail Banking and Branches at the National Bank of Egypt, Karim Sous, added that the new account is operated in the Egyptian pound, the US dollar, the euro and the pound sterling, with no minimum account opening.
He stressed that the transaction procedures, standards and conditions are determined through a tripartite contract concluded between the contracting parties, and that the bank is the party that manages the implementation and completion of the transaction under its umbrella; The terms of managing the deal and all the different criteria, payment methods and money transfers are agreed upon in the triple contract.
Seuss indicated that the main function of the bank is limited to managing all transactions and settlements that take place in the intermediary account, in order to preserve the rights of the parties to the deal, and this contributes to the implementation of the deal in a confidential and impartial manner, including all safety standards due to the presence of the National Bank of Egypt as a party to the tripartite contract. who regulates the relationship.
Hala Helmy, Head of Products and Financial Inclusion, explained that the intermediary account service aims to attract entrepreneurs from different economic sectors who need this type of product, as well as the presence of safety and reassurance for the contracting parties to encourage business owners to include their transactions within the banking sector.