Being the First Bank in Yemen Using Electronic Services, CAC Bank Launched E-Banking Service Dedicated to VIP Customers

Being the First Bank in Yemen Using Electronic Services, CAC Bank Launched E-Banking Service Dedicated to VIP Customers

5/20/2009 12:00:00 AM


On Wednesday at the Movenpick Hotel in Sana'a, CAC Bank launched its E-banking service specified for corporate customers, which is the first system to be adopted among the Yemeni Banking Sector. E-Banking is an integrated banking system that gives the customer the possibility of implementing many types of banking services whenever and wherever they are through the Internet.

During the inauguration ceremony, the Chairman of the Board of Directors Mr. Hafidh Meayad went over the services provided by the E-bank to customers such as big corporates, institutions and embassies, as well as the comprehensive system which enable customers to execute their operations slightly like letter of credits, foreign transfers, international and local guarantee issuance, different types of transfers, cheques issuance and other types of banking operations. The Chairman said that in 2008 CAC Bank is leading the Yemeni banking sector, according to the report of the Central Bank report CAC bank ranked the first in financing of economic activities in the country, achieving a growth rate of 46.5% and contributed to the financing of the economic sector by 35.6% among the banking sector. He pointed out that this product will enable customers to follow the progress of their banking operations electronically using the electronic archive service and enable them to follow the progress of those operations as required without visiting the bank.

The Chairman added that the bank achieved a remarkable increase in its assets for the year 2008 and ranked the first among banking sector with a growth rate of 45.5% compared to 2007, while the volume of the Bank's investments in deposits notes and treasury bills increased by 91% compared to 2007, and achieved 25%  out of the total investments of the banking sector. He pointed out that the volume of assets also increased by 45%, deposits and savings by 53.4%, while the loans and advances provided by the bank to its customers in various economic sectors increased by 45.5%.

After that Mr. Abdulrahman Abbad - E-Banking Product Manager extended a presentation, where he talked about the product, and its advantages and main services, which shorten the time and effort and offer all CAC Bank’s services to its customers at home, and illustrating the features of E-Banking:

  1. Opening Letter of Credits
  2. Foreign Transfers
  3. Opening International Guarantees
  4. Opening Local Guarantees
  5. Transfers Between Accounts
  6. Bill Payment Services
  7. Account Statements
  8. Review the Credit Lines
  9. Review Exchange Rates

Mr. Abbad answered the premonitions about security aspects of the product whereby service uses a very developed Security technology with three high levels of security techniques and very sophisticated systems of confidentiality and security using OTP Digipass security devices. Also to ensure privacy and security of executing the operations through the internet between the bank and the customer, CAC Bank has applied the latest technology that prevents any external intervention to the flow of operation data, using the encryption program certified and guaranteed from one of the best security companies in the world (VeriSign England)