Egyptian telecommunications and IT services provider WE has entered into a strategic partnership with the Commercial International Bank (CIB), Egypt’s largest private-sector bank, through the signing of a memorandum of understanding. This collaboration is set to redefine how WE customers access and benefit from financial services across Egypt.
As part of the partnership, CIB will craft bespoke financial products and services designed specifically for WE customers, integrating the latest digital models within the Banking-as-a-Service framework. This joint initiative will leverage WE’s wide-reaching infrastructure, which includes its extensive distribution channels and strong presence across the country, providing a platform to serve millions of customers.
The partnership aims to enhance financial inclusion by promoting financial literacy, reducing reliance on cash transactions, and integrating the informal economy into the formal financial sector. This collaboration also supports Egypt’s digital transformation goals, offering customers seamless access to banking services within WE’s already established digital ecosystem.
Both companies are poised to create significant value for their customers and contribute to broader social goals. The partnership underscores CIB’s commitment to customer-centric innovation, ensuring that essential financial services are accessible anytime and anywhere. It also marks a new benchmark in collaboration between the banking sector and the telecommunications and IT industries.
Mohamed Nasr, Managing Director and CEO of WE, commented: “Our customers are at the heart of everything we do. This partnership with CIB represents a major step toward offering integrated digital financial services that simplify daily life for millions of Egyptians. With our extensive reach, advanced infrastructure, and deep connection with households across the country, we’re well-positioned to provide real value to our customers, enhancing their experience and meeting their evolving needs.”
He added: “This partnership is an essential part of our strategy to foster financial inclusion and support the development of a more inclusive and sustainable digital economy. We are excited to work with CIB to offer an effortless and comprehensive banking experience within our ecosystem.”
Rashwan Hammadi, CEO of Retail, SME, and Financial Inclusion at CIB, remarked: “We are fully committed to harnessing the power of technology, data analytics, and strategic partnerships to enhance access to financial services in innovative ways. This collaboration is a major milestone towards a future of advanced digital banking. By combining CIB’s banking expertise with WE’s vast infrastructure and reach, we are confident we will provide millions of customers with easy, secure access to financial services, reinforcing our shared commitment to digital innovation and financial inclusion.”
