We gear up for digital banking expansion: saib CEO

Daily News Egypt

16-02-2025

Afdal Naguib, CEO and Managing Director of Bank saib, has said that the world is witnessing significant advancements in digital banking transactions. He noted that the Egyptian government and the Central Bank of Egypt (CBE) have played a major role in expanding financial inclusion and increasing reliance on technology, encouraging several banks to establish fully digital branches. However, these banks are still awaiting regulatory adjustments and procedural frameworks, such as Digital KYC and electronic signatures, to operate at full capacity and compete globally.
He emphasised that saib's strategy for the coming period is to prepare for this shift, with a primary focus on completing the bank's technological infrastructure and aligning with global information security standards. Once these objectives are met, the bank will develop new digital banking products.
Syndicated loans
Naguib highlighted that bank saib maintains a strong presence in the syndicated loans market, as both an arranger and a participant in existing financing deals. The bank is committed to attracting top talent in this sector to sustain its growth.
As of November 2024, saib's syndicated loan portfolio amounted to EGP 2.7bn and $380m, distributed across key sectors of the Egyptian economy. The bank aims to increase this figure in 2025, particularly in financing projects that align with Egypt's economic strategy, including renewable energy and sustainable financing for national projects.
Small and medium enterprises
The bank successfully met the CBE's mandatory 25% SME lending requirement over a year ago and is now exploring new financing products and methods to support small businesses. Additionally, saib is actively participating in the securitisation portfolios of consumer finance companies, extending its role beyond lending to include banking and financial advisory services.
Afdal Naguib
Retail banking
Retail banking is a top priority for saib, according to Naguib. He pointed out that the bank entered the retail banking sector in 2019, significantly later than its peers. However, despite this late entry, SAIB has achieved impressive growth rates and introduced a diverse portfolio of retail banking products.
Over the past five years, the bank's retail portfolio has grown to EGP 17.844bn, while maintaining high credit quality standards. Naguib emphasised that saib is constantly developing innovative products that stand out in the market and revealed that the bank is preparing to launch a new loan product with a positive impact on the sector.
Geographical expansion
The bank has prioritised modernising and upgrading its branches while simultaneously opening new locations to increase its geographical presence. By November 2024, saib had expanded to 44 branches, with plans to add four more in 2025,while continuing to renovate and upgrade existing branches.
Regarding ATMs, saib has significantly expanded its network from 40 machines to 154, ensuring broad geographic coverage and further expansion plans.
Mortgage financing
As part of its collaboration with the Social Housing Fund, SAIB has provided EGP 1.116bn in mortgage financing to 7,000 clients under CBE's mortgage finance initiatives. The bank's share in the 3% subsidised mortgage initiative for low- and middle-income groups stands at EGP 256m.
Digital transformation
Furthermore, saib is executing a comprehensive digital transformation strategy that focuses on developing existing digital banking services based on customer needs. This aligns with Egypt's vision for digital transformation and the transition toward a cashless society.
The bank has expanded its internet and mobile banking services, launching phase two of these platforms in September 2020. Currently, over 60,000 customers use saib's mobile banking services. Additionally, in May 2022, the bank launched phase two of its online banking platform for businesses, which now serves more than 3,500 corporate clients.
Instant payments network
saib was among the first banks to join Egypt's Instant Payments Network in March 2022, allowing customers to execute real-time transfers 24/7.
To further enhance its digital offerings, saib has completely upgraded its ATMs across branches and various governorates. The bank has also launched a new version of the SAIB Wallet mobile payment app and introduced 'Hala Cash' for electronic transactions.
Additionally, the bank has enhanced its customer service centre and introduced saib PayBand, a wearable payment device linked to credit and debit cards.
Moreover, Naguib confirmed that saib is currently upgrading its banking application to align with the latest advancements in financial technology. These developments are expected to improve service quality, expand the bank's product range, enhance customer satisfaction and trust, and reduce wait times at branches by facilitating faster transactions through digital channels.
Sustainable finance
Also, saib places great emphasis on sustainable finance, which plays a crucial role in ensuring long-term financial stability and fostering economic, environmental, and social sustainability. The bank has allocated EGP 894m to support sustainable finance initiatives.
Corporate social responsibility
The bank has updated its CSR policy to align with current developments and address societal needs. saib focuses on initiatives that improve living standards, healthcare, education, and economic empowerment, while also prioritising environmental protection.
Moreover, saib actively supports healthcare and education initiatives, women's empowerment, and economic development projects. The bank has continued its 'El Azzouma' initiative for the sixth consecutive year in partnership with the Egyptian Food Bank, as well as a collaboration with Misr El Kheir Foundation to support the operation of five community schools in underprivileged villages under the 'Decent Life' initiative.
Additionally, saib has been sponsoring kidney dialysis supplies at Qasr Al-Aini Hospital for a year and working with the Mervat Sultan Foundation on a comprehensive eye examination program for children across various governorates.