WE, the retail brand of Telecom Egypt, has entered into a strategic partnership with Commercial International Bank (CIB), Egypt’s largest private sector bank. The collaboration aims to provide innovative financial services tailored to WE‘s extensive customer base, enhancing access to banking services across Egypt.
The Memorandum of Understanding (MoU) outlines that CIB will develop and offer financial products and services specifically for WE customers, utilizing a Banking-as-a-Service model. This partnership will leverage WE’s wide geographical reach, distribution channels, and services to millions of customers, creating value for both organizations while contributing to greater financial inclusion and the integration of the informal economy.
The initiative aligns with Egypt’s broader digital transformation goals, promoting financial literacy and providing accessible, digital banking services within the WE ecosystem. CIB’s commitment to innovation ensures that these services are available anytime, anywhere.
By collaborating, WE and CIB are setting a new benchmark for cooperation between the banking and telecommunications sectors, paving the way for a more connected, financially inclusive Egypt.
“We place our customers at the top of our priorities, and through this partnership with CIB, we are taking a new step toward providing integrated digital financial services that facilitate the lives of millions of Egyptians,” said Mohamed Nasr, Managing Director and CEO of Telecom Egypt. “Our extensive geographical reach and advanced digital infrastructure, along with our presence in every Egyptian home, allow us to meet our customers’ needs and enhance their experience.”
Nasr added, “This partnership is a key part of our strategy to promote financial inclusion and contribute to a more sustainable and inclusive digital economy. We are proud to partner with CIB to provide a seamless banking experience within our ecosystem.”
Rashwan Hammady, Chief Retail, Commercial Banking and Financial Inclusion Executive at CIB, stated, “We strongly believe in leveraging technology, data analysis, and strategic partnerships to enhance access to financial services in innovative ways. This partnership is a crucial step towards building a more advanced digital banking future, combining CIB’s banking expertise with WE’s vast infrastructure.”
Hammady further added, “We hope this cooperation will allow millions of customers to benefit from banking services easily and safely, furthering our commitment to digital innovation and financial inclusion.”
