Abul-Naga said – during a press conference this evening – 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, and the total volume of transactions through the “Instapay” application for transferring between banks recorded about two billion pounds. The number of transactions has reached 500,000 since the application was officially launched on March 22nd.
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 machines, pointing out that there is a large boom in the volume of electronic payments and payment through electronic payment methods and mobile phone, with an increase Numbers of fintech companies and startups.
He pointed out that the number of start-ups and financial technology jumped from two companies during 2014; To reach 112 companies at the present time, pointing 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, where the number of emerging companies and financial technology has reached.
For his part, Deputy Governor of the Central Bank of Egypt, Engineer Ihab Nasr, said that the volume of electronic (commercial) transactions rose to 3.5 billion pounds, compared to 800 million pounds in 2020, due to the efforts of the state and the Central Bank of Egypt to support digital transformation and financial technology companies.