In a new step that supports the Egyptian state’s efforts towards digital transformation and enhancing financial inclusion, Al Baraka Bank – Egypt signed a cooperation protocol with Acme Integrated Engineering Systems Company, within the framework of the contract concluded between the Cairo Public Transport Authority and the Military Production Information Systems Company, to finance the project to automate pre-payment for Cairo Public Transport Authority bus tickets, through direct financing for the benefit of Acme Engineering Systems Company, so that Al Baraka Bank – Egypt becomes the only bank financing the project.
Al Baraka Bank – Egypt is financing the first phase of the project, for 900 buses. The project aims to digitize the electronic payment system for 1,800 buses within the authority’s fleet, to replace the current cash payment system with an advanced digital system that allows passengers to use various electronic payment methods, which enhances ease of use, improves the quality of services, and supports the operational efficiency of the public transportation sector.
Mr. Hazem Hegazy, CEO and Vice Chairman of the Board of Directors of Al Baraka Bank – Egypt, expressed his happiness with this cooperation, saying: “This cooperation reflects a successful model of combined efforts between the banking sector and the public and private sectors. At Al Baraka Bank – Egypt, we believe in the importance of supporting national initiatives that contribute to digital transformation and improving the quality of life of citizens. This initiative comes to support Egypt’s vision for sustainable development, promoting financial inclusion, and reducing dependence on cash, especially in light of the presence of more than 53.8 million citizens who own accounts that enable them to make transactions.” “The digitization of the public transport ticket payment system represents a pivotal step in supporting the national digital transformation agenda and developing the digital infrastructure for the transport sector, which contributes to building a more efficient and integrated digital economy.”
Mr. Ahmed Soliman, Head of the Small and Medium Enterprises Financing Sector at Al Baraka Bank – Egypt, also stated, “We believe in the importance of supporting small and medium enterprises, as they are the backbone of economic growth and a major driver of digital transformation in Egypt. Financing the project to automate pre-payment for Public Transport Authority bus tickets reflects our commitment to providing innovative solutions that support business development and improve the efficiency of operations, as this initiative aims to build an advanced digital infrastructure that facilitates access to financial services and enhances financial inclusion. It also provides a better user experience through safe and easy-to-use electronic payment methods.”
For his part, Dr. Khaled Darbala, Chairman of the Board of Directors of Acme Integrated Engineering Systems, commented on his happiness with the partnership with Al Baraka Bank – Egypt, saying: “Our partnership with Al Baraka Bank – Egypt comes as a pivotal element in supporting the implementation of this digital project, which represents an important step towards developing the public transportation system in Cairo. Cooperation between the two sides contributes to accelerating the application of electronic payment and collection solutions inside Public Transport Authority buses, through integrated digital systems and innovative solutions that replace paper tickets with digital wallets and applications.” This cooperation enables the provision of more advanced services to citizens, including tracking movement lines and times, providing real-time information, in addition to developing an electronic platform that keeps pace with the Authority’s plans for digital transformation and improving the quality of service.”
It is worth noting that Al Baraka Bank – Egypt has an extensive record of initiatives aimed at supporting vital sectors in the country, as it has contributed over the past years to launching and financing a number of programs and projects in the fields of education, health, real estate, and financial inclusion, which reflects the bank’s belief in its pivotal role in supporting economic and social development and promoting the transition towards a cashless economy.
