Roughly, only 10-15% of 100 million Egyptians have a bank account, according to the most recent estimates published by the World Bank. Hence, most Egyptians have no access to financial services. Without financial inclusion (individuals having access to financial services and products to meet their needs), rising to a higher social or economic position, growing your business (especially if it’s a small or medium enterprise), building up reliable savings, and getting insurance becomes quite difficult if not impossible.
Bank ABC has just kick started a line of innovative retail banking services and products, amongst them is – most notably – The Millionaire Time Deposit. Read on to find out more…
The Millionaire Time Deposit
The Millionaire Time Deposit is a short-term savings product that provides individuals with a distinctive return that is cashed over various periods, from monthly to annually.
“Another competitive advantage is that it allows deposit holders to enter quarter and annual draws,” said Khaled Barakat, Bank ABC Head of Retail and Digital Banking. “There are frequent draws where 21 individuals can win EGP1,000,000 or gold coins, and chances of winning multiply as the amount of the deposit increases. The draw takes place under the supervision of the Egyptian ministry of solidarity and the concerned authorities.”
Bank ABC’s newly launched package also branches out into more custom-made financial services and products, namely, the Up-Front Time Deposit and the Shield Savings Account.
Khaled Barakat, Head of Retail and Digital Banking at ABC Bank. | Photo Credits: ABC Bank
The Up-Front Time Deposit
The Up-Front Time Deposit offers its holders a competitive revenue rate cashed on the same day of making the deposit. It also helps them in other practical ways that go far beyond banking, such as on the road.
Yes, it offers free roadside assistance in the event of a breakdown or an accident by covering the cost of towing your car to the place of your choice.
The service also includes changing your tires, jump-starting your car battery, towing your car if it veers off the road or falls into a slope, and delivering fuel in the case your vehicle runs out.
ABC Bank’s Shield Savings Account has benefits that go beyond banking.
The Shield Savings Account
With daily, monthly, and quarterly plans to cash interest, the Shield Savings Account offers reliable savings in addition to free and exclusive insurance benefits. The daily account offers a daily revenue based on end of day closing balances and added-on working days.
Moreover, its free insurance covers life and total or partial disability caused by an accident. It also offers an insurance program that covers medical costs, household items, and educational expenses for children. On top of that, benefits include offering a medical discount card and providing individuals who have lost their jobs with an alternative income, capping at a maximum limit of 52 weeks.
Financial inclusion will help Egypt realize its 2030 vision and the UN SDGs. | Photo Credits: Shutterstock
“This new package of distinct banking products and services comes within the bank’s expansion strategy, which aims to remove the main causes and obstacles that prevent banking services and products from reaching all segments of society.” elaborated Barakat.
Barakat also noted that Bank ABC issued a Tiered Current Account with progressive revenue within this new line of financial products and services. He emphasized that it comes with various return and cashing plans that suit the needs of Bank ABC’s individual and corporate clients.
For more information on Bank ABC’s services, head to their website, Facebook or Instagram.
