CIB Chairman Hisham Ezz Al-Arab spoke with The Banker’s James King on the macro backdrop in Egypt, the state of digital banking, and financial inclusion. “Conditions have deteriorated over the past year but the silver lining is that the government is serious about structural reform. The move towards a more liberalised exchange rate regime must go hand in hand with other reforms. These include improvements to foreign investment regulations, infrastructure and the system of land deeds,” Ezz Al-Arab is quoted as saying, also noting, “Clearly Egypt is facing a number of serious challenges. But the administration is not in denial about the situation – that would be a bigger crisis. Both the government and the private sector are doing all the right things to address these problems,”

Is the aim of having SMEs account for 20% of banks’ credit portfolios by 2020 realistic? “This is a challenging target but it is achievable. If we can migrate more of our business banking segment to digital channels, with the help of regulatory reforms, then it’s realistic,” he is quoted as saying. It’s on that front that The Banker says CIB has enjoyed “singular success,” pointing to the launch this past January of the country’s first digital smart wallet — and to c. 55% of CIB’s corporate remittance and trade finance services now running through online channels. The back office should be next, Ezz Al-Arab suggests, suggesting it’s time to do away with the requirement to store paper copies of transaction documentation. Read the full interview here.