Arab Finance: Bank NXT and EFG Hermes, a unit of EFG Holding, jointly launched the EFG Hermes ONE x Bank NXT credit card by Visa, following approval from the Central Bank of Egypt (CBE), according to a press release.
The new co-branded card, designed for EFG Hermes ONE clients, combines Bank NXT’s retail banking services with the EFG Hermes ONE digital investment platform, enabling users to link everyday spending with investment activities.
Cardholders will earn cashback on transactions, with rewards credited directly to their EFG Hermes ONE wallets. The cashback can then be reinvested through the platform, allowing clients to grow their investment portfolios over time.
It offers additional benefits, including complimentary access to selected airport lounges worldwide and installment plans with repayment periods of up to 60 months.
The launch follows the recent addition of five mutual funds to the EFG Hermes ONE app, expanding users' access to investment products managed by EFG Hermes Asset Management.
Meanwhile, the EFG Hermes ONE x Bank NXT Visa credit card will be available to eligible EFG Hermes ONE clients. The card issuance, eligibility, and credit limits will depend on the size of each client's investment portfolio, credit assessment, and other applicable terms and conditions.
Deputy CEO, Consumer Banking, Marketing, and Financial Inclusion at Bank NXT, commented: “As Egypt’s first co-branded credit card between a bank and a brokerage firm, the EFG Hermes ONE x Bank NXT credit card reflects our commitment to customer-centric innovation. By leveraging capabilities across EFG Holding, we are unlocking synergies that deliver best-in-class financial services and meet the evolving needs of customers in Egypt.”
Ahmed Waly, Global Head of Brokerage at EFG Hermes, said: “Our goal has always been to provide clients with services that support their financial well-being and respond to their everyday needs. By offering a credit card that rewards clients with cashback credited directly to their EFG Hermes ONE wallets, we are helping them continue building their investments, even as they spend.”
Last June, ADCB Egypt teamed up with EFG Hermes to launch the bank’s first mutual fund in the Egyptian market.
