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CIB-Egypt launches the first debit and credit cards for SMEs

1/12/2016 12:00 AM
In line with its continuous quest to provide distinctive, innovative banking services and products to its Small and Medium Enterprise (SME) customers, the Commercial International Bank-Egypt (CIB) launched its new CIB Visa Platinum Cards for Business, the first of its kind in Egypt tailored to the SME sector. The Bank released the new debit and credit business cards in association with VISA Egypt.
CIB-Egypt announced the new cards and their advantages during an event held on, at the Nile Ritz Carlton Hotel. The new cards allow the SME owners to keep their personal and business expenses separate, and to track, and monitor their expenses through one simple consolidated monthly statement, including their employees’ expenses. Moreover, the cards grant special offers and discounts, in addition to complementary coverage insurance, such as Company Liability Waiver Insurance that protects businesses against losses due to card misuse and the Multi-Trip Travel Insurance.
The CIB VISA Platinum Business Debit Card provides easy access to cash from over one million ATMs worldwide, as well as facilitating business purchases at more than 24 million outlets worldwide.
On top of this, CIB Visa Platinum Business Credit Cards offer a bouquet of additional benefits, including Cash on Phone from credit card account to Co.’s account, instant cash withdrawal, grace period for repayment up to 55 days interest-free and the Installment Payment Plan (IPP) for a more flexible and convenient payments with lower monthly interest rate on a period from 6 months up to 36 months.
In her speech, Omnia Mostafa, Head of Cards Business, CIB-Egypt, stated, “CIB’s commitment towards this segment has never been limited to providing financial products and services solely, but rather cementing our role as a partner in success that consistently supports enterprises to thrive beyond the micro or small business stage”.
Tarek Mahfouz, VISA Egypt Country Manager, commented, “The fruitful cooperation with CIB reflects positively on different societal segments that are enabled to benefit from electronic payments and the privileges associated with it. The introduction of the new card indicates the mutual interest of both Visa and CIB to offer products that are specifically tailored to meet the needs of SMEs given their active role in stimulating economic growth. The new card will help drive financial inclusion efforts, increase the transparency of the financial system, and provide SMEs with a variety of payment options to grow their businesses while enhancing the efficiency of their financial operations.” 
Rashwan Hammady, Head of Business Banking, CIB-Egypt, highlighted, “We are excited to introduce the first dedicated range of SME cards in Egypt. Our collaboration with VISA has enabled us to expand our product offering, bringing significant new benefits and convenience to our SME customers.” 
It’s worth mentioning that CIB Business Banking has focuses on growing the Small and  Medium size enterprises (SMEs) since its official launch in 2012, as the Bank’s management believes in the importance of this dynamic sector, being a main source for the economic growth. In this regard, CIB supports SMEs through delivering exceptional services and enhancing its propositions to maximize the benefits offered by the Bank for its customers across all segments, as well as offering integrated financial solutions and special tailored services to fulfill their business needs through the dedicated Relationship Managers.