Cairo, Egypt: Emirates NBD - Egypt, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, is pleased to announce its partnership with the Arab payment system Buna to facilitate payments and transfers within the Arab region. Buna is operated by the Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, a subsidiary of the Arab Monetary Fund (AMF).
This partnership has been launched in the United Arab Emirates and extends to Egypt to enhance digitization. The collaboration with Buna will provide Emirates NBD - Egypt’s clients with a more rapid, efficient, and safe way to make payments and transfers within the Arab region, reinforcing Emirates NBD - Egypt’s position as one of the most innovative banks in the region. Buna’s cross-border payment platform provides seamless clearing and settlement services in multiple currencies across the Arab region and is aimed at encouraging greater economic integration through increased trade and investment opportunities.
Commenting on the announcement, Amr ElShafei, Chief Executive Officer and Managing Director of Emirates NBD - Egypt said: “Emirates NBD Egypt’s partnership with Buna reflects our commitment to provide best-in-class products and services that will allow our clients to meet their goals at an accelerated pace in a rapidly evolving digital environment. The alliance with Buna further strengthens our payments strategy, offering our clients a real-time, seamless, secure, and cost-effective digital experience in the payment domain. We look forward to fully leveraging the capabilities of the platform and to take advantage of opportunities that the collaboration between Buna, the Central Bank of Egypt and Emirates NBD - Egypt will create as the regional payment system is transformed.”
Mehdi Manaa, Chief Executive Officer of Buna, said: "We are pleased to welcome Emirates NBD - Egypt in Buna's network of participants. This association reinforces our efforts to enrich trade relations in the Arab world and increases value added to the participants and their clients. We look forward to working with Emirates NBD- Egypt as we continue to develop cross-border payments in the region.
He added: "At this occasion, I would also like to thank the Central Bank of Egypt for its continuous support to Buna."
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About Emirates NBD - Egypt:
Emirates NBD Egypt is a Bank fully owned by Emirates NBD Group, a leading banking group in the Middle East and a major contributor to the banking industry on an international and a global scale. Emirates NBD Egypt is one of the largest regional banks operating in Egypt, positioning itself as a pioneer in providing advanced digital banking services, supported by a large network of 68 branches spread across all governorates, and 340 ATMs across the country.
Emirates NBD Egypt is considered a main player in financing major projects related to the country's infrastructure and development initiatives, which has qualified it for many awards. Among these were two awards for the Most Innovative Bank for 2020 in Trade Finance and Cash Management in Egypt and The Fastest Growing Corporate Bank in Egypt for the year 2021 by International Finance Magazine along with the Best Digital Bank Award for the year 2020-2021 from the Union of Arab Banks. Emirates NBD Egypt was also awarded “The Leading Bank in Corporate Social Responsibility” during the bt100 award ceremony.
