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June 10, 2024
On the web
Egypt Central Bank Approves Instant Payment Regulations
Aawsat
October 17, 2023
On the web
Egypt Restricts Foreign Currency Credit Card Use
Reuters
October 3, 2023
On the web
HSBC Egypt Tightens Limits on Card Withdrawal Overseas
Ahram
March 16, 2023
On the web
CBE Releases Regulations on Payment Tokenization
Egyptian Streets
March 9, 2023
On the web
Central Bank of Egypt Enables Non-Contact Payments via Smartphones
Digital Boom
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
prnewswire
“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
Bloomberg
“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
Al-Monitor
“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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