CAIRO: Vodafone and Citibank announced Tuesday the launch of a joint credit card, which allows consumers to take out a loan at Vodafone outlets, as well as make regular installments on a purchase. The new card, which is already available and only to Vodafone as well as non-Citibank customers, to make a loan request for Vodafone purchases, ranging between LE 500 and LE 7,000. Customers will receive approval within one hour in contrast to the standard 10-day approval period, stated Aftab Ahmed, Citibank country officer and managing director for the bank's Egypt operations. He was enthusiastic to point out that borrowers will receive six months of interest free payments, and payments plans will range from six to 60 months. He also highlighted the convenience it provides, underscoring that customers can pay their credit card bills over the phone 24 hours a day, 7 days a week, and thanks to the one hour approval time for loans, customers can go home the same day with major purchases. CEO of Vodafone Egypt, Hatem Dowidar, noted that this is a great offer for Egyptian consumers as many wish to be able to purchase smart phone items, such as iPhones or Blackberries, but are unable to afford the rather hefty price tag — in the range of LE 2,500 — in one purchase. The card can be obtained at any local Vodafone store, yet, of course, as the Vodafone CEO stated, only those that have proven, sound financial histories will be allowed to obtain a credit card. Through Vodafone purchases, customers will receive reward points, which can be redeemed for gifts from any Vodafone store, such as talk time or other Vodafone products. Ahmed mentioned that when customers make payments over the telephone, their reward points will also be doubled. Ashish Bughra, Citibank country business manager, noted in a statement that the offer creates “a new conception of credit cards as an alternative to cash.” While, for his part, Ahmed believes that this is positive news for consumers, as it provides a further avenue through which to obtain “easy access to credit.” Marc Luet, CEO for EMEA Citicorp Consumer, explained why his company was open to tag teaming with Vodafone, citing that they are an industry leader in terms of customer base in Egypt — either coming in first place or runner-up. Furthermore, he noted that his bank, increasingly like many others, believe that the telecommunication sector is an area for partnership growth, as many consumers are demanding more value and services from their mobile providers. He also believes that as a mobile phone is a daily service, it ineluctably reinforces customer loyalty at a faster pace than through other consumer items; thus, one of the driving factors behind the reinforced synergy between the two multinational corporations, which have been collaborating on a number of initiatives in several markets. Luet also stated that in his eyes the new joint venture once again demonstrates Egypt's “bright future,” as well as exemplifies how the country has done a “better than other MENA countries,” noting the rapid pace at which technology in the country is being accepted by consumers and the business community. Thus, he pointed out, Citibank “will invest a lot” in the Egyptian market in the coming years. The number of mobile subscribers in Egypt reached 60.2 million at the end of August, according to the latest statistics from the Ministry of Communications and Information Technology, an increase of 20.3 percent over the past year.
