CAIRO: Arab African International Bank (AAIB) launched its merchant loan program - the first of its kind in Egypt - providing merchants with low-cost financing to expand their business. The loans are offered at competitive interest rates and are guaranteed by the value of total electronic payment transactions settled between the bank and the merchant, thereby eliminating the need for collaterals or personal guarantees. "We recognize the vital role of trade in the economy and we look forward to supporting the growth of local merchants, Hassan Abdalla, AAIB vice chairman and managing director said. "The loans will provide merchants with the liquidity to enable them to broaden the size and scope of their activities. Ultimately, this promotes stronger revenues, generates employment opportunities and contributes to more effective allocation of resources. The new loan program comes as the latest addition to the range of services designed by AAIB to support merchants. As the leading acquiring bank in Egypt with a 45 percent market share, AAIB has implemented the migration of all its merchants' points of sale to accept smart card technology. "Innovation is one of AAIB's most prominent characteristics, said Dina Yassa, deputy general manager. "We have crowned our pioneering acquirer merchant base services with this distinctive cash loan product that stands out as the first in the Egyptian market. AAIB has also launched "Click2Shop, an internet payment gateway enabling merchants to accept online payments via their websites. As an alternative sales channel, "Click2Shop allows cardholders to pay online for a wide variety of services such as travel, subscriptions and tuition fees. Furthermore AAIB has introduced the "4 U Visa Internet Card developed specifically for online payments. Incorporated in 1964 as the first Arab multinational bank in Egypt, AAIB is one of the leading commercial and investment banks in the region. It was chosen by FT Banker's Magazine as "Bank of the Year in 2006 and was named the "Best Bank in Egypt by Euromoney in 2007.
