Cairo 29 January 2025:
Bank NXT, a leading provider of integrated retail and corporate banking solutions in Egypt, announced today a collaboration with Red Hat, the world’s leading provider of open-source solutions, to modernize its digital banking infrastructure. The collaboration focuses on leveraging Red Hat’s hybrid cloud solutions to enhance operational efficiency, deliver superior customer experiences, and strengthen security measures.
As part of this initiative, Bank NXT worked with Red Hat to integrate Temenos and Mindgate’s digital solutions with Red Hat’s hybrid cloud platform. This integration has enabled the bank to modernize its infrastructure, optimize operations, and deliver enhanced services to its customers.
Built on Red Hat’s Enterprise Linux and OpenShift Platform Plus, Bank NXT has streamlined operations, cutting deployment times for new digital services by 40% and doubling the frequency of updates and feature releases. This agility enables the bank to rapidly introduce innovative features, adapt to market changes, and maintain a competitive edge. Additionally, by using Red Hat’s Ansible Automation Platform, Bank NXT has improved operational efficiency by 30% and reduced incident resolution times by 20%. Red Hat’s Advanced Cluster Security adds an extra layer of protection, ensuring the security of sensitive customer information.
Hesham Daabes, Senior Group Head for Support at Bank NXT, commented, “We are excited to partner with Red Hat to accelerate our digital transformation journey. Their innovative solutions have greatly enhanced our operational efficiency, reducing deployment times, increasing agility, and enabling us to deliver digital banking services to our customers faster than ever before. This collaboration has not only streamlined our operations and strengthened security but also elevated our service offerings, laying the foundation for continued innovation and growth in the future.”
Adrian Pickering, Regional General Manager, MENA at Red Hat, added, “Bank NXT is on a mission to adapt to the evolving needs of its diverse clients and customers, embarking on a transformative journey to provide accessible financial solutions in Egypt. We are proud to be helping Bank NXT speed up its development lifecycle to release new features and updates using Red Hat’s hybrid cloud technologies and look forward to supporting its approach to providing quick, distinctive services to its customers.”
About Bank NXT
Bank NXT (formerly known as aiBANK) was established in 1974 as an investment and business bank and commenced its activities under the supervision of the Central Bank of Egypt in 1978 with a capital base of USD 40 million, which was later increased to EGP 1,987 million in 2020. Moreover, as per the decisions of the general assembly held on the 10th of October in 2021, and after the completion of the Bank’s acquisition deal, the Bank received approval to increase its paid-up capital to EGP 5,000,000,003 and adjusted its ownership structure accordingly to accommodate both new and existing investors, as per the following:
- EFG Holding S.A.E – (51%)
- Egypt’s Financial Services and Digital Transformation Sub-Fund – (25%)
- National Investment Bank – (24%)
The Bank offers banking services for individuals through its wide spectrum of retail banking products in addition to its corporate banking services for businesses and institutions through providing loan syndication services to companies and institutions looking to finance large national projects that support the economy and the Bank. The Bank is keen on supporting the growth of small and medium enterprises, which play a crucial role in Egypt’s overall economic and social development, as well as, providing investment and treasury services.
The Bank offers its services to its customers through its 34 branches nationwide. It is constantly working on expanding its geographical presence by opening new branches, with two new branches set to open this month. In addition, the bank is expanding its ATM network to ensure that it covers all key locations. The Bank is also committed to satisfying its customers by providing unique and competitive services and investing in its tech systems and human capital to improve the overall level of its banking services.
About EFG Holding
EFG Holding (EGX: HRHO.CA – LSE: EFGD) is a leading financial institution that boasts a remarkable 40-year legacy of success in eight countries spanning two continents. Operating within three distinct verticals — the Investment Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and Commercial Bank (Bank NXT) — the company provides a comprehensive range of groundbreaking financial products and services tailored to meet the needs of a diverse clientele, including individual clients and businesses of all sizes.
EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA), offers an extensive array of financial services, encompassing advisory, asset management, securities brokerage, research, and private equity. In its domestic market, EFG Holding serves as a universal bank, with EFG Finance emerging as the fastest-growing NBFI platform, comprising Tanmeyah, a microfinance player, EFG Corp-Solutions, which provides leasing and factoring services, Valu, a universal financial technology powerhouse, PayTabs Egypt, a digital payment platform, Bedaya for mortgage finance, Kaf for insurance, Fatura, a technology-backed B2B marketplace and EFG Finance SMEs, which provides financial services for small and medium enterprises. Furthermore, the company delivers commercial banking solutions through Bank NXT, a leading provider of integrated retail and corporate banking products in Egypt.
Proudly present in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Bahrain | Pakistan | Kenya | Nigeria |
