Banque Misr, Nexta, e-Finance, Visa, and e-cards have agreed to launch the Nexta Banking app, designed to provide Egyptians with with a range of banking services and solutions.
As part of the deal, Nexta will offer its prepaid cards powered by Visa, and issued by Banque Misr across the entire country along with a personalsed finance application.
The launch of the new application allows individuals to carry out secure and convenient financial transactions which aligns with the National Payments Council’s (NPC) goals to decrease reliance on cash and ease electronic transactions.
Speaking on the announcement, Banque Misr Chief Consumer and Retail Payments Officer., Mr Ihab Dorra said: “The signing of this protocol aligns with our strategy towards leading the future of digital payments, providing exceptional banking experience for customers, and keeping up with technological services that are at the forefront of the evolving banking scene in Egypt.”
Among its features, the app can be used to send and receive money and has several card top-up methods through linking other banking cards, via Fawry or through Banque Misr ATMs. It also provides advanced security features including biometrics and adds an extra layer of security by allowing its users to freeze their Nexta card instantly at any given time.
Malak El Baba, Visa Country Manager for Egypt said: “Following the tremendous shift in consumers’ habits, Egypt has been witnessing unprecedented growth in cashless payments, creating the perfect window to leverage consumers’ appetite for personalised, digital products. We are very excited about this collaboration that reflects the essence of strategy to partner with stakeholders to drive the digitisation of payments in Egypt.”
Nexta CEO, Ahmed Hisham added: “We’re thrilled to introduce our new mobile banking app which we believe will revolutionise personal finance management. The app was made with users in mind. Our user-friendly interface and advanced security features shine above the rest in a crowded fintech market.”
