Agriculture Bank sees increased demand on ‘Aman’ certificates

CAIRO – 18 March 2018: The Agriculture Bank of Egypt’s branches in governorates have been seeing an increased demand during the past two weeks on Aman certificates, the new life insurance plan for casual and temporary workers.

Chairman of the bank, Al-Sayed al-Kosair said Sunday that his bank issued certificates with LE 20 million in two weeks amid awareness campaigns across Egypt.

He added that his bank will intensify the promotion for the certificates to reach farmers in Egypt’s governorates.

Four Egyptian banks started in March issuing the Aman Certificate (Security Certificate), with the aim of providing a safety net for casual and temporary workers.

The certificates can be purchased without any fees or opening an account. They range from LE 500-2,500, providing insurance coverage and monthly pensions for casual workers with a 16 percent interest rate.

The policy includes coverage for natural and accidental death and pays one-time benefits of LE 10,000-250,000 or monthly pensions of LE 200-1,000 over five years or LE 120-600 over 10 years.

The four banks are the National Bank of Egypt (NBE), Banque Misr, Banque Du Caire and Agriculture Bank of Egypt.

The certificates can be purchased by any seasonal and temporary laborer between 18 and 59 years of age upon presenting his national identification card.

The new certificates come as a response to President Abdel-Fatah al-Sisi’s directions to provide social insurance to daily laborers.

Vice Chairman of the National Bank of Egypt (NBE) Yehia Abul Fotouh said last week that the bank issued 12,000 Aman Certificates for temporary and seasonal workers, with a total of LE 20 million in two weeks.