Egypt plans to launch digital bank licenses within weeks

Official sources revealed that it is scheduled to announce the launch of the digital banking license in the Egyptian market during the next few weeks.

According to a statement, the deputy Governor of the Central Bank of Egypt, Ramy Abul-Naga5 banks apply to obtain a digital bank license, most notably Banque Misr and 4 other Arab and private banks.

He pointed out that the volume of electronic transactions in the Egyptian market rose to more than 6.4 trillion pounds in 2022, compared to 4.2 trillion pounds in 2020, recording a growth of 52.3%.

In addition, the total volume of transactions through the “Instapay” application for transferring between banks recorded about two billion pounds, with a number of transactions amounting to 500,000 transactions, since the application was officially launched on March 22.

The Deputy Governor of the Central Bank revealed that the number of electronic sales points in Egypt amounted to about 800,000 electronic points of sale, and automated teller machines exceeded 19,000.

He pointed out that there is a significant boom in the volume of electronic payments and payment through electronic payment methods and mobile phone, with the increase in the number of financial technology companies and emerging companies.

Abul-Naga explained that the number of start-ups and financial technology jumped from two companies during 2014; To reach 112 companies at the present time, hinting that there is a significant boom in the volume of electronic payments and payment via electronic payment methods and mobile phone, with the increase in the number of financial technology companies and emerging companies, as the number of emerging companies and financial technology has reached.

In turn, Deputy Governor of the Central Bank of Egypt, Ihab Nasr, revealed that the volume of electronic commercial transactions rose to 3.5 billion pounds, compared to about 800 million pounds in 2020, with a growth rate of about 337.5%, due to the efforts of the state and the Central Bank of Egypt to support digital transformation and financial technology companies. .

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