National Bank of Egypt (NBE) to launch a new product by next week enabling salary-transfer customers to receive a percentage of their salaries before being disbursed by employers. Customers will receive 50% up to 80% of the total value of the salary, depending on its value, sources said.
Interest rate on this product will be competitive as it will be close to that of credit cards, especially that there are few banks who offer this service, sources affirmed.
NBE has finalized most studies and procedures for launching durable-goods product after a month, before the end of the current fiscal year. This product enables customers to buy consumption goods and services including electric devices, furniture and subscriptions to sports clubs, trips and Umrah on installments.
NBE’s retail banking portfolio registered EGP 18.7 billion at the end of the third quarter of FY 2011/2012, up from EGP 17.5 billion at the end of June 2011, with an increase of 6.9%. NBE targets to increase the volume of the portfolio to EGP 19.5 billion by the end of the current fiscal year.
