aiBANK Launches a Daily Saving Account with Interest Rates of up to 20%

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  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.