Cairo – Mubasher: Al Baraka Bank-Egypt has launched its new mobile banking application as part of its 2023–2025 strategy, according to a press release.
The lender provided a comprehensive upgrade to its Internet banking service, focusing on both the range of services provided and an entirely new user interface.
The app aims to boost the bank’s market share by advancing its digital ecosystem and scaling its geographical reach, with a target of achieving 50% digitally active customers by the end of 2027.
Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank Egypt, stated: “The app simplifies banking operations and adheres to the highest international and local security standards, as endorsed by the Central Bank of Egypt (CBE), ensuring a secure and advanced banking experience. We expect over 10,000 downloads in the post-launch phase.”
Redallah Ahmed, Chief Digital Officer at Al Baraka Bank Egypt, added: “It provides comprehensive services such as opening accounts, ordering checkbooks, issuing debit cards, purchasing certificates, linking deposits, converting foreign currency to Egyptian pounds, and instant transfers to Al Baraka accounts, as well as local transfers.”
Ahmed continued: “For corporate clients, the app offers an easy platform for financial management, with features granting users full control over their banking transactions.
“Coupled with a user-friendly ‘three-tap’ interface, this makes the app an all-encompassing solution, positioning Al Baraka Bank Egypt at the forefront of digital banking solutions in the industry,” the CEO mentioned.
In the first nine months (9M) of 2024, the bank’s consolidated net profits hiked to EGP 2.21 billion from EGP 1.60 billion in 9M-23.
