“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.”

“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.”

“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.”

“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.”

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.