Cairo: aiBANK, a leading provider of integrated retail and corporate solutions in Egypt, announced today the launch of its ‘Super Daily Plus’ Saving Account. This unique account provides customers with an integrated saving account with various benefits and special perks, including insurance provided in partnership with Kaf Insurance, an EFG Finance company.

Customers who opt for the new saving account can earn a daily interest rate of up to 20%. Benefits also include a 50% discount on personal loan administrative fees, the option to receive a free credit card for the first year, issuance of checkbooks, and quarterly prizes for customers.

Kaf Insurance partnered with aiBANK to include free life insurance coverage in the account on an average balance of up to EGP 1 million, based on the individual’s average account balance over six months. This partnership with Kaf coverage comes shortly after aiBANK partnered with Valu, MENA’s leading universal financial technology powerhouse, to release their co-branded credit card and is in line with aiBANK’s strategy to leverage synergies within the EFG Holding brands universe.

Sherif Nada, Chief of Retail, Branches Network at aiBANK, commented, “The introduction of our latest daily saving account marks a significant milestone in aiBANK's approach towards enriching the Egyptian banking landscape. Complementing our expansive strategy, this account represents our dedication to providing holistic banking solutions and pioneering innovative products. It is a testament to our pursuit of financial inclusion, enabling every segment of society to access tailored financial offerings that cater to their varied requirements. Through this initiative, we aim to foster safe investment avenues, empower individuals with flexible saving management, and ensure optimal returns on investments, with potential yields up to an impressive 20%.”

Mohamed Abdel Monsef, Head of Retail Products Development at aiBANK, expressed excitement for the new ‘Super Daily Plus’ Saving Account, stating, “We are proud to introduce this new account as part of our ongoing commitment to innovation and consumer-centric banking. At aiBANK, we prioritize staying ahead of market trends and understanding the evolving needs of our customer base. Our aim is to redefine the banking experience with a blend of competitive interest rates, comprehensive benefits, and financial flexibility.”

Moheb Selwanes, Chief Distribution Officer at Kaf Insurance, commented: “We are thrilled to introduce the collaboration between Kaf and aiBANK, offering a unique proposition for saving account owners. "This innovative concept combines life insurance with saving account in a way that is unprecedented in the market. The insurance amounts are dynamically linked to customers' deposits, allowing their insurance coverage to grow as they save more with aiBANK." Selwanes added, “The synergies between EFG Holding’s group of companies have enabled us to introduce disruptive concepts to the market, setting us apart in the financial services industry.” This saving account offering bridges the gap for insurance coverage, aligning with the nationwide initiatives set forth by the CBE and the FRA. We are excited to offer a solution that strikes a perfect balance between financial security and saving growth, benefiting our customers in a truly unique way."

As part of aiBANK’s plan to provide diverse banking services meeting the needs of individuals and corporate clients, the bank introduced the “Salem w Estelem” time deposit offering in late 2023, offering a return of up to 21%, paid in advance with a minimum deposit of EGP 500,000, without a maximum limit. This allows customers to benefit from interest upfront and mitigate the negative impacts of rate changes amid the current local and global economic challenges. The deposit offers terms of up to six months with the option for redemption at any time, as per the terms and conditions.  

aiBANK is committed to serving its customers through an extensive network of 34 [HN1] branches nationwide, including three Islamic branches offering Sharia-compliant products and services. In line with the financial inclusion strategy, the bank recently opened a branch in Mansoura that is equipped to serve customers with special needs. Furthermore, aiBANK plans to expand its ATM network by 30% by the end of 2023, covering the most vital areas to facilitate customer access to banking services anytime and anywhere.

-Ends-

About aiBANK

aiBANK was established in 1974 as an investment and business bank under the supervision of the Central Bank of Egypt. Its activities started in 1978 with a capital base of USD 40 million, which was later increased to EGP 1,987 million in 2020. Moreover, as per the decisions of the general assembly held on the 10th of October in 2021, and after the completion of the Bank’s acquisition deal, the Bank received approval to increase its paid-up capital to EGP 5,000,000,003 and adjusted its ownership structure accordingly to accommodate both new and existing investors, as per the following:

EFG Holding S.A.E – (51%)

Egypt’s Financial Services and Digital Transformation Sub-Fund – (25%)

National Investment Bank – (24%)

The Bank offers the full spectrum of corporate & retail banking, investment, and treasury services. The Bank also offers Islamic banking services, overseen by a Sharia-compliant body that ensures the Bank remains in line with all criteria under Islamic banking. Additionally, the Bank provides loan syndication services to companies and institutions looking to finance large national projects that support the economy and the Bank. The Bank is keen to support the growth of small and medium enterprises, which play a crucial role in Egypt's overall economic and social development.

The Bank offers its services to its customers through its 34branches nationwide. It is constantly working on expanding its geographical presence by opening new branches and ATMs to ensure that it covers all key locations. The Bank is also committed to satisfying its customers by providing unique and competitive services and investing in its tech systems and human capital to improve the overall level of its banking services.

For further information, please contact: 
Reham Abbas
Head of Public Relations and Corporate Communications of aiBANK
rabbas@aibegypt.com

About Kaf

Kaf is an Egyptian insurance company licensed to offer life, savings, and health insurance products. Established in 2021 as a collaboration between EFG Holding, GB Capital, and Tokio Marine, Kaf is committed to building a meaningful local insurance platform with the purpose of driving value for individuals and businesses in the life, savings, and medical arenas for the segments of society that have low insurance penetration. The company aims to constantly provide innovative insurance solutions to boost demand in the retail and corporate markets and bridge the ‘insurance-gap’ in Egypt.

About EFG Holding

EFG Holding (EGX: HRHO.CA – LSE: EFGD) is a trailblazing financial institution that boasts a remarkable 40-year legacy of success in 9 countries spanning 3 continents. Operating within three distinct verticals — the Investment Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and Commercial Bank (aiBANK) — the company provides a comprehensive range of groundbreaking financial products and services tailored to meet the needs of a diverse clientele, including individual clients and businesses of all sizes.

EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA), offers an extensive array of financial services, encompassing advisory, asset management, securities brokerage, research, and private equity. In its domestic market, EFG Holding serves as a universal bank, with EFG Finance emerging as the fastest-growing NBFI platform, comprising Tanmeyah, a microfinance player, EFG Corp-Solutions, which provides leasing and factoring services, Valu, a versatile financial technology powerhouse, PayTabs Egypt, a digital payment platform, as well as Bedaya for mortgage finance and Kaf for insurance. Furthermore, the company delivers commercial banking solutions through aiBANK, a leading provider of integrated retail, corporate, and Islamic banking products in Egypt.

Proudly present in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Bahrain | Pakistan | UK | Kenya| | Nigeria

Learn more about us at www.efghldg.com

For further information, please contact:
May El Gammal
Group Chief Marketing & Communications Officer of EFG Holding
melgammal@efghldg.com

Omar Salama
Senior Communications Manager of EFG Holding
osalama@efghldg.com  

The EFG Holding Public Relations Team
PublicRelations@efghldg.com  

Note on Forward-Looking Statements

In this press release, EFG Holding may make forward-looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities, and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Holding’s belief regarding future events, many of which, by their nature, are inherently uncertain and are beyond management’s control and include, among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending, and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.