Cash withdrawals from automated teller machines (ATMs) in Egypt dropped sharply to less than EGP 1 billion per day during the Eid Al-Adha holiday, following exceptional demand ahead of the festivities, according to Mohamed El-Etreby, Chief Executive Officer of the National Bank of Egypt (NBE).
El-Etreby said the coincidence of Eid Al-Adha with the disbursement of salaries and pensions created unprecedented pressure on ATM networks across the country in the days leading up to the holiday.
In a statement posted on his official Facebook account on Friday, El-Etreby revealed that daily cash withdrawals at the National Bank of Egypt had ranged between EGP 4 billion and EGP 4.5 billion before Eid, before falling significantly during the holiday period.
He noted that the National Bank of Egypt and Banque Misr together operate approximately 13,500 ATMs, nearly equal to the total number operated by all other Egyptian banks combined, underscoring the banking sector’s heavy reliance on ATM services nationwide.
To ease congestion and improve access to cash during the holiday, the National Bank of Egypt introduced several emergency measures, including partnerships with fuel stations and major retail chains to serve as additional cash disbursement points for customers. The bank also deployed 28 mobile ATM vehicles across several governorates.
El-Etreby acknowledged that long queues and overcrowding at ATM locations place a significant burden on citizens while also increasing pressure on cash transportation companies responsible for replenishing machines.
The senior banker stressed that Egypt is working to gradually reduce dependence on cash transactions as part of a broader national digital transformation strategy.
He said the banking sector has already expanded electronic payment infrastructure significantly, with more than 1.035 million electronic point-of-sale terminals now operating across commercial outlets nationwide, alongside growing use of e-wallets and the InstaPay application.
“Eliminating excessive dependence on cash is an important step for Egypt,” El-Etreby said, adding that both the government and the banking sector, under the supervision of the Central Bank of Egypt, are moving to align with global developments in electronic payments.
He also encouraged citizens to increase their use of digital payment methods, saying electronic transactions help reduce operational burdens on both customers and banks alike.
According to El-Etreby, total cash withdrawals and payment transactions during the nine days preceding Eid reached nearly EGP 100 billion.
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