Commercial International Bank Egypt (CIB), Egypt’s leading private sector bank, announced that it was named the “Financial Inclusion Champion of the Year” at the 2018 FinX Awards held by FinTech Galaxy in partnership with Entrepreneur Middle East. The Bank was recognized for its efforts to introduce innovative financial products and solutions, support entrepreneurship, and tailor customer-centric banking services that are conveniently accessible for all Egyptians, which directly aligns with the Central Bank of Egypt’s (CBE) efforts to promote financial inclusion throughout the nation.
“We are honored to have received this award from FinTech Galaxy. All of our efforts to increase financial inclusion are motivated by our desire to spur long-term growth and sustainable development in the Egyptian economy,” said Mohamed Farag, Chief Digital Officer at CIB.
CIB’s representatives were among 200 global experts, thought leaders, academics, senior executives, and practitioners who gathered at the FinX Awards ceremony, held in Dubai on 31 October 2018, to recognize inpiduals and institutions using fintech to promote financial inclusion and transform the financial landscape in the MENA region.
“At CIB, we believe financial inclusion is about more than just extending financial services to the unbanked, but about improving people’s lives,” added Farag. “The day-to-day actions of providing people with innovative banking services and small businesses with the capital and mentorship they need to get their venture off the ground are part of our larger goal of transforming the country’s financial landscape.”
The accolade is a testament to the significant efforts CIB has funneled into the use of technology to develop a variety of innovative products and services that lower the financial and logistical barriers to banking for Egyptians. The Bank’s flagship CIB Smart Wallet is just one of the many digital tools that allow customers to pay bills, make online purchases, and send money to others using a convenient mobile app.
Additionally, CIB focuses on supporting Financial Technology (FinTech) entrepreneurs and startups in the line with its commitment to increase financial inclusion. The Bank sponsored and provided seed funds to the 2017 cycles of the American University in Cairo’s Venture Lab, a leading startup incubator in the MENA region. A group of more than 20 mentors from the Bank contributed over 300 hours to help 15 fintech startups launch their projects. In the past, CIB has partnered with the Commercial Broadcasting Company to launch the Hona Al Shabab televised entrepreneurship competition and Angel Hacks to coordinate the country’s first “Hackathon”. Through these initiatives, the Bank was able to introduce potential entrepreneurs who will be able to add value to the financial industry in the near future.
For more information about CIB Awards, click here.