CIB Egypt, Visa sign 5-year deal to support SMEs

Partnership will also allow businesses to flourish using new platforms and solutions such as a streamlined payment

  
A man walks in front of a Commercial International Bank (CIB) building covered with images of the U.S dollar in Cairo, Egypt July 26, 2016. Picture taken July 26, 2016. REUTERS/Amr Abdallah Dalsh

A man walks in front of a Commercial International Bank (CIB) building covered with images of the U.S dollar in Cairo, Egypt July 26, 2016. Picture taken July 26, 2016. REUTERS/Amr Abdallah Dalsh

REUTERS/Amr Abdallah Dalsh

Commercial International Bank (CIB) has announced a five-year commercial deal with the digital payments leader Visa to support small and medium-sized enterprises (SMEs) in Egypt.

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 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.

“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, within the framework of Visa’s strategy to facilitate global money movement.”

Rashwan Hammady, Head of CIB’s Retail Segments and Products, commented, “We are looking forward to utilizing this partnership in growing new ventures, as SMEs play an integral role in our communities.”

“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,” he continued.

CIB recently launched its segment CIB Growth, designed to facilitate business banking for small enterprises with a turnover of less than EGP 50m. In line with Egypt’s 2030 Vision, 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.

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