CIB first bank in Egypt to recycle its shredded cards

06 / 04 / 2022

By Ahmed Abdel Qawi - - | Edited by Marwa Nassar

The Commercial International Bank (CIB), Egypt’s leading private sector bank, is the first bank in Egypt to adopt a sustainable card disposable solution by recycling shredded cards.

This falls within the bank’s steps towards implementing its decarbonization action plan and decreasing its environmental impact and support the green transition.

In collaboration with Bekia, an Egyptian startup specializing in waste management, CIB’s shredded cards are now collected and recycled.

This collaboration serves CIB’s strategic position in both the Entrepreneurship Ecosystem, through its Startups’ Engagement Program, and in meeting its decarbonization target and reducing its greenhouse gas emissions from the material consumption and waste of its products.

This initiative is one of many sustainable finance efforts bringing the Bank and Egypt closer to the common goal of a green economy that includes youth and innovation. It aligns with the Paris Climate Agreement, Egypt Vision 2030, and the United Nations’ Sustainable Development Goals and aims to merge the innovation of startups and FinTechs in the ecosystem with the powerful brand and resources of CIB.

This new collaboration will enhance CIB’s card disposal process which traditionally had relied on landfill sites. The Bank’s shredded waste will instead be delivered to recycling outlets by Bekia.

“We are proud to be Egypt’s first bank to adopt a sustainable card disposable solution by recycling shredded cards,” said Dr. Dalia AbdelKader, Chief Sustainability Office at CIB.

“Building on our clean environmental initiatives and projects, this process intends to help us achieve our goal of becoming a net-zero bank by 2050. It comes as part of our journey to mitigate our negative impacts and protect the environment,” she added

As a leader in sustainable development, CIB recently published the first Ecological Footprint Report in Egypt and Africa on its journey to comprehensive environmental reporting, shifting from carbon to ecological.

“CIB continues to grow its partnerships with FinTechs and startups through its Startups’ Engagement Program and in partnership with leading accelerators and incubators in the market,” says Sally Asaad – Head of Fintech and Technology Enabled Partnerships.

“We appreciate the role of CIB in the cooperation with Bekia and its important and effective role in driving the green transition. We look forward to more collaborations to achieve the Sustainable Development Goals (SDGs).” Said Alaa Afifi – Founder & CEO Bekia

With this initiative, CIB aims to encourage startups, financial institutions and individuals to incorporate sustainability efforts into their operations and daily lives.