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Tuesday, 25 February 2020

Banque du Caire wins Mastercard award for fastest credit card growth in 2019

The award reflects the increase in the bank’s market share

Sara Al-Issawy , Tuesday 21 Jan 2020
Egypt
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Banque du Caire has won the "fastest credit card growth in Egypt" award for 2019 from Mastercard.

The bank’s CEO, Tarek Fayed, said the award reflects the increase in the bank’s market share, adding that its portfolio of credit cards passed the 100,000 mark in 2019.

Magdy Hassan, general manager at MasterCard for Egypt and Pakistan, said that the Egyptian market “is witnessing a boom in digital transformation and electronic payments, and we, for our part, support this transformation by providing our lengthy experience and technological payment solutions to enable banks to offer a variety of modern payment products.”

Banque du Caire was the fastest growing bank in the market in terms of issuing premium credit cards and achieving the highest rate of growth in the number and value of purchases made, he said, attributing the success to the bank’s efforts to adopt digital payment methods.

The state-owned bank will go to initial public offering this year as part of the government’s programme to privatise a number of public sector companies.

The public enterprise minister said earlier this month that the bank would be part of “the second phase” of the state IPO programme.

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