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Crédit Agricole new solar loan program in Egypt to be launched in Q4 of 2023
Crédit Agricole Egypt (CAE) has completed the development of a new solar loan program to be launched in Q4 of 2023 in light of its ambition to expand in the green finance space.
The bank continued to witness good growth in active customer i.e. 3% QoQ (sequentially) and 6% YoY driven by campaign/offers directed to customer acquisition, account acquisition, financial inclusion, loans and cross-sell. This was also supported by launching new product i.e. Education Loans and participation in events hosted by Clubs.
This came in a press release by the bank on its results for the 9 months ended on September 30, 2023.
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 8 times per month. While app rating remained steady at 4.0 (average on app stores) up from 3.7 in 2021. CAE digital channels have witnessed more than 1.1M transactions executed during Q3 2023, with a remarkable 96% of domestic transfers done online. Banki Wallet usage and transactions reached a new record of +242K transactions in Q3 2023, with an increase of +40% compared to Q3 2022.
CAE went live on InstaPay in May 2023 and since its launch has made a significant contribution i.e. over 500K outgoing transactions as well as attracting more than 50K registered users emphasizing the contribution of the bank towards financial inclusion in light of the Central Bank continuous efforts.
As for corporate and SMEs customers, more than 97% have subscribed to banki Business, compared to 95% in Q3 2022, and being digitally active on the platform, with almost half of the domestic transfers now done digitally with 13% increase over Q3 2022 and more than 282 customers on-boarded/reactivated on banki Business. CAE witnessed an increase in digital governmental payments volumes by around 8% in Q3 2023 vis-à-vis Q2 2023.
As for e-commerce, by end of Q3 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 Q3 2023, banki Commerce had generated a total of EGP 40M payment inflows, with 31K ecommerce 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.
In September 2023, CAE foundation has witnessed the graduation ceremony for the EBHAR MISR program, which provided the students two weeks boot camp that allowed them to have a training in various fields of the program: Art, Science and Technology. Overall, 22 students successfully completed the camp in 2023.
Credit Agricole Egypt continues to leverage on its digital infrastructure, diversified expertise, solid balance sheet structure, prudent risk management, strong liquidity position and adequate capital buffer allowing the bank to pursue its strategic profitable growth by serving its customers as well as the economy.
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