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June 10, 2024

On the web

October 17, 2023

On the web

October 3, 2023

On the web

HSBC Egypt Tightens Limits on Card Withdrawal Overseas


"HSBC Egypt has decreased the limit on monthly cash withdrawals made abroad from $1500 to $1000 or its equivalent in other currencies...In December, the Central Bank of Egypt (CBE) announced measures to set limits on the usage of bank cards for Egyptians living abroad in a bid to crack down on “fraudulent and abusive use."

March 16, 2023

On the web

CBE Releases Regulations on Payment Tokenization

Egyptian Streets

"The Central Bank of Egypt (CBE) released regulations pertaining to payment cards tokenization on electronic device applications on 8 March. Once approved and implemented, the regulations will effectively allow for contactless payments through applications like Apple Pay, Google Pay, and Samsung Pay among other fintech services. Currently, payment cards in Egypt can function in both offline and online modes, as well as contactless."

March 9, 2023

On the web

Central Bank of Egypt Enables Non-Contact Payments via Smartphones

Digital Boom

"Egypt’s Central Bank has introduced new regulations that enable non-contact payment transactions via smartphone apps, including Apple Pay and Google Pay. Users can now register their payment cards on electronic device applications and use them to complete payment transactions at the electronic point-of-sale systems or for online purchases in a simple, secure, and innovative way. The regulations will activate services from many international companies, including Apple Pay and Google Pay, as well as financial technology companies."

July 21, 2022

On the web

BUNA Payment Platform Eyes Adding More Banking Services

Egypt Today

“The BUNA payment platform is considering new banking services to boost the trade exchange between Egypt and the other Arab counties, Central Bank of Egypt (CBE) deputy director general of the payment systems department Hani Omar said Wednesday. Founded by the Arab Monetary Fund (AMF) in February 2020, BUNA payment platform is seen as the first Arab regional platform for cross-border and multi-currency payment system, Omar said in a forum, organized by the Food Export Council, in cooperation with the Egyptian Commercial Service to give more information on BUNA platform.”

April 15, 2022

On the wires

OPay Was Approved by The Central Bank of Egypt to Issue Prepaid Cards to Help Digital Finance Reform in Emerging Markets


“Emerging market fintech unicorn OPay has received preliminary approval from the Central Bank of Egypt (CBE) on April 13 to partner with Masria Digital Payments (MDP), Egypt’s largest card provider, to issue prepaid cards in Egypt. OPay plans to issue 200,000 prepaid cards in the first phase, which will provide Egyptian users with convenient and fast non-bank financial services and promote the arrival of Egypt’s cashless society.”

April 8, 2021

On the web

Saudi Expansion in Focus for Paymob After Record Egypt Fundraise


“Egyptian digital payments provider Paymob will use fresh funding to enter Saudi Arabia and expand at home, as the pandemic spurs a surge in cashless transactions. The Cairo-based firm, which provides mobile wallet products for companies including banks and phone operators and also helps process retail payments, sees “huge potential” in the two Arab nations, co-founder and Chief Operating Officer Alain El Hajj said in an interview. Fueled by what it says is the biggest-ever Series A fund-raising by an Egyptian company, led by United Arab Emirates-based Global Ventures, Paymob is seeking to build on the 500% jump in monthly revenue it saw in Egypt in 2020.”

February 22, 2021

On the web

How Egyptian Startup Raseedi Is Helping Mobile Users Save Money – Disrupt Africa

Disrupt Africa

“Egyptian startup Raseedi, a self-described “social fintech” solution, claims to be building the largest network of underbanked customers who want to communicate, save money and find easy financing without a formal credit history. Founded in 2018 by Ahmed Atalla and Samuel Samy, Raseedi has developed a mobile application that helps users make calls at the cheapest cost per minute and provides them with data driven saving tips and financing products.”

September 8, 2020

On the web

Digital Payments Firm Strikes Gold in Egypt, Where Cash is King

Bloomberg (paywall)

“An Egyptian digital payments firm has quadrupled in value during the pandemic, helped by a government push to reduce citizens’ heavy reliance on cash. Investors and analysts are split on whether the stock rally has further legs. Fawry for Banking & Payment Technology Services SAE debuted on Cairo’s exchange just over a year ago. A 300% rally from a mid-March low has boosted its market value to 20 billion Egyptian pounds ($1.3 billion). That puts Fawry among the country’s 10 most valuable companies alongside firms such as Telecom Egypt Co. and Elswedy Electric Co. , which generate many times more revenue and profit.”

April 23, 2019

On the web

Egypt Switches to Digital Payments


“Despite people’s concerns over the digitization of payments, Egyptian Minister of Finance Mohamed Maait affirmed April 16 that the Egyptian government is to implement the E-Payments Act as of May 2019.  On March 11, Egypt’s parliament voted in favor of the E-Payments Act, which regulates cashless payments. The law includes 13 articles requiring all government, private and public institutions, syndicates, and any other private or public entity to electronically pay taxes; customs fees; purchase, sales and rent fees; usufruct rights; bank loans; insurance premiums; and payments for electric, natural gas, water and sanitation services. E-payment is to be used in the abovementioned cases whenever the fees exceed the amount specified by the act or by a decision issued by the Minister of Finance.”

July 2, 2018

On the web

Egypt Uses Electronic Payment Of Dues Exceeding LE 100K

Egypt Today

Minister of Finance Mohamed Ma’it issued a ministerial decision to oblige people dealing with various government agencies to pay their financial dues, including tax and customs of more than LE 100,000 through one of the electronic payment methods. The minister added that the decision allows the payment of dues less than LE 100,000 through checks, prohibiting the payment of any financial dues in cash except for amounts less than LE 5,000.

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