Naguib Sawiris Plans to Apply for Digital Bank License in Egypt: The Rise of Digital Banking

Egyptian businessman Naguib Sawiris plans to apply for a digital bank license

Egyptian businessman Naguib Sawiris has revealed details of his intention to apply for a digital bank license in Egypt.

The rise of digital banks

In a telephone interview as part of the Honorary Citizen program, Naguib Sawiris explained: “Digital banks have become a strong competitor to traditional banks, which means that all financial and banking transactions are carried out over the phone and do not require visiting the bank.”

Sawiris continued, “Transfers, withdrawals, payments and everything else are done electronically, and the bank has very few employees,” noting that “the loan process happens online and is much faster than the traditional process.” and that the cost of loan approval is low because the idea is: “In America, it’s nice to think about success.”

Addressing unemployment

In his speech at the Employment Forum, Naguib Sawiris said: “There is a lot of work, and among a large number of young people there is a desire to get a job. The problem of a job seeker is that he gives up quickly and cannot knock on all doors.”

The Egyptian businessman added: “The forum is free and a young man goes to apply for a job and the companies are there,” continuing: “Out of 4,000 vacancies, 90% of the jobs are filled… Job forums give hope to unemployed youth who are sitting at home, which may leave or grow old and leave.” “If he doesn’t find the right job, he’ll end up in the drug trade.”

Source: Sada El Balad.

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