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Banks turn to companies with temporary workers to promote Aman certificate - Daily News Egypt

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Banks turn to companies with temporary workers to promote Aman certificate

Certificate proceeds from NBE, ABE amounted to EGP 16m in first week

The four state-owned banks that issue the Egyptian Aman certificates are turning to companies employing temporary workers to promote these certificates.

On Sunday, the National Bank of Egypt (NBE), Banque du Caire, Banque Misr, and the Agriculture Bank of Egypt (ABE) offered these certificates, which are issued under the directives of President Abdel Fattah Al-Sisi, in cooperation with Misr Life Insurance Company, to insure temporary and seasonal workers and low-income groups.

These certificates are issued in categories of EGP 500, EGP 1,000, EGP 2,000, and EGP 2,500 for three years at an interest of 16% and are insurance certificates for temporary employment against death, available for the age group between 18 and 59 years old. The premium value is deducted, from EGP 4 to EGP 20, according to the value of the certificate.

The leaders of the four banks met on Thursday with Prime Minister Sherif Ismail to discuss the latest situation of those certificates and how to expand the base of ​​beneficiaries.

This comes at a time when the leaders of the NBE and ABE told Daily News Egypt that sales of these certificates amounted to EGP 16m in the first week of their issuance, at about EGP 8m per bank.

Elsayed Elkosayer, chairperson of the ABE, said that the bank issued 6,771 certificates in the first week they were available, at a total value of EGP 8m.

He added that sales of the certificates were mostly in the EGP 500 category, noting that the bank will start marketing them in the next few days in the places where farmers gather, such as agricultural societies and at companies that employ temporary workers.

He pointed out that, during the meeting between the prime minister and the leaders of the four banks, an agreement was reached that the companies in which the temporary workers work should send lists of their labour force and their ID numbers and requests for certificates. The lists will then be sent to the Central Bank of Egypt (CBE), which will distribute the lists across the four banks.

National Bank of Egypt (NBE) Vice Chairperson Yehia Aboul Fotouh said that the proceeds of the sale of Aman certificates at the bank during the first week amounted to EGP 8m and benefited 4,000 clients.

He told Daily News Egypt that the bank has decided to send its work teams to the major entities and companies that would like to buy those certificates for their employees, in addition to the companies that will send the workers’ statements to the CBE.

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