Friday 31 July 2020
I wrote – Manal Al-Masry:
The National Bank of Egypt decided to reduce the commission rate of installments for the purchases of telephone transactions for credit card holders starting from 3 months to 3 years, in order to support the state’s plans to stimulate consumption and encourage the purchase of the local product in the Maaglash-Ali initiative.
Karim Sous, the CEO of retail banking at the National Bank of Egypt, said in previous statements to Masrawy, that the bank decided to reduce the interest by 1% on the personal (cash) loan, with administrative expenses permanently canceled, and also to cut the interest by 3% on the installment through cards Credit, on the occasion of the launch of the “Maillash Alyk” initiative to stimulate domestic consumption.
In a letter addressed to the branches last Wednesday, the bank obtained a copy of it, the bank indicated that reducing the commission rate on purchasing installments is in line with the objectives of the National Bank in supporting the national economy and increasing its market share in the field of credit cards in order to expand the mechanization of payments.
The bank stated that activating the commission reduction decision begins today from the date of the decision’s issuance until the end of next October, stressing the need to notify customers if they call the Call Center service on 19623 and inform them of new amendments.
The bank announced the commission rate after the reduction as follows:
3 month period: commission rate 2.61%
6 month period: commission rate of 4.5%
9-month period: the commission rate is 6.35%.
10 months period: commission rate 6.96%
12-month period: commission rate: 8.15%
18 month period: commission rate 11.62%
Two year period: 14.90%
Two and a half years: 18.02%
3 year period: 20.99%
On Sunday, the government launched an initiative to stimulate consumption and support local production, by offering products at reduced prices and in partnership with companies and merchants in cooperation with 4 Egyptian National Bank, Egypt, Cairo, and Commercial International, in addition to Nasser Bank.
The “Maaglash Alyk” initiative includes a number of commodities that are sold at discount prices of 20% on average, in addition to an additional 10% discount that the state provides to ration card holders with a maximum of 200 pounds per person and 1000 pounds per card.