Egypt’s AAIB was recently awarded the Middle East’s ‘Open-Loop Prepaid Card of the Year’ by Cards International
Arab African International Bank’s Visa 4U prepaid cards have been named the ‘Middle East’s Open-Loop Prepaid Card of the Year’. The award was presented by Cards International, the leading journal for the prepaid cards industry, at the first-ever Middle East Prepaid Awards, sponsored by Visa, held in Dubai last month.
Designed to recognize and reward the most outstanding companies and individuals operating within the prepaid industry today, the Middle East Prepaid Awards identified organizations running unique and successful programs and awarded those that have shown innovation in this rapidly expanding industry. The award for Open-Loop Program of the Year was determined by four criteria: number of new cards distributed in the six months following the launch, new card product with significantly unique features, new to issuer or market in the last 12 months, and program open to any open-network card.
“As a pioneer in the prepaid cards industry in Egypt, AAIB is thrilled to be recognized on a regional level for this award,” said Hassan Abdalla, Managing Director at AAIB. “At AAIB, we are working hard to provide our customers with the most innovative and globally up-to-date products to help support their banking and payment needs and will continue to offer award winning services as the prepaid cards market advances locally.”
“Visa proudly nominated AAIB for the prepaid awards, acknowledging the bank’s success in launching its Visa 4U prepaid cards,” said Tarek Elhousseiny, General Manager for Visa North & Francophone Africa. “This award showcases AAIB’s commitment and leadership in the advancement of the prepaid cards industry in Egypt.”
AAIB offers the Visa 4U Egypt and Visa 4U Misr cards in form of a debit, local prepaid, international prepaid, travel and Internet cards. The local and international prepaid cards are tailored to offer users flexible, convenient and secure ways to pay without having a bank account with AAIB. Issuance of the cards takes 48 hours and users can add funds to the card at any time for no extra cost. The Visa 4U cards were the first payment cards to feature an image of the Egyptian flag where a portion of the bank’s issuance fee goes to the We Owe it to Egypt Foundation (WOTE), in support of their health and education initiatives without any additional cost shouldered by the cardholder.