CAE 2023 report highlights its sustainability, CSR efforts

14 / 02 / 2024

By Marwa Nassar - -

Crédit Agricole Egypt(CAE)’s report of 2023 Standalone Financial Results highlighted the bank’s efforts to serve sustainability and corporate social responsibility (CSR) as well as digital development.

The Board of Directors of Credit Agricole Egypt approved the Bank’s results for the 12 months ended on December 31, 2023.

In Q4 2023, Credit Agricole Egypt has released its second integrated sustainability report 2020-2022, titled “Shaping a Sustainable Future”. The report reflects CAE’s strategic direction, toward adding value for its customers, investors, the general public, and the economy it serves.

The bank is the first in Egypt to introduce integrated reporting, in alignment with Integrated Reporting (IR) framework, and in compliance with the Global Reporting Initiative (GRI).

In Q4 2023, CAE foundation has started phase 5 of the Family Empowerment Initiative that serves more than 200 underprivileged families in Old Cairo.

This phase serves the house-wives with technical, managerial training, healthcare, general awareness sessions, seed funds and guidance to launch one micro project for each family.

CAE also started phase 2 in community development project in Menoufeya governorate. The project provides solar-powered development components that provide food, saves water and creates job opportunities.

CAE also conducted Blood Drive wherein staff members donated blood for the benefit of Ahl Masr Burns Hospital.

Digital Development:

Credit Agricole Egypt continues to leverage on its digital infrastructure with another successful quarter for CAE digital channels Banki Mobile, showing competitive positive achievements.

For retail, Banki Mobile proved to be an essential tool for customers with the average login per customer around 1.9M times during Q4. While app rating increased significantly to become 4.7 (average on app stores) up from 3.7 in 2021, the bank’s digital channels have witnessed more than 1.7M transactions executed during Q4 2023, with a remarkable 98% of domestic transfers done online.

Banki Wallet usage and transactions reached +211K transactions in Q4 2023, with an increase of +20% compared to Q4 2022.

CAE went live on InstaPay in May 2023 and since its launch has made a significant contribution i.e. over 1.7M outgoing transactions and exponential increase in incoming transactions (contributing to the LCY inflows) as well as attracting more than 50K registered users emphasizing the contribution of the bank towards financial inclusion.

For corporate and SMEs customers, 43% of the companies have been digitally active on the platform, with almost half of the domestic transfers now done digitally with 15% increase over Q4 2022 and more than +350 customers on-boarded/reactivated on Banki Business.

CAE witnessed an increase in digital governmental payments volumes by around 14% in Q4 2023 vis-à-vis Q4 2022.

For e-commerce, by end of Q4 2023 CAE continued its momentum in the digital payment acceptance field with the successful launch of Banki Commerce in 2022, payment gateway.

As e-commerce continues to grow, CAE also contributes to the CBE efforts towards a “less cash society”. By the end of Q4 2023, Banki Commerce had generated a total of EGP 42M payment inflows, with 32K e-commerce transactions processed through the new gateway.

CAE consistently remains committed to its ambitious vision in the payment acceptance field, and its unique journey continues to make it easy for all customers to onboard.

Crédit Agricole Egypt has been honored with 5 international digital awards in 2023 including “Best Digital Transformation Program” from International Business Magazine, “Digital Banking Provider of the Year in Egypt” from World Business Outlook and banki Mobile was named “Best Mobile Banking App” by Global Finance. These awards collectively highlight Crédit Agricole Egypt’s exceptional contributions to the digital banking landscape, reinforcing its position as a leader in technological innovation and customer-centric financial services that cater to a diverse customer base.