CBE: E-Payments Save EGP 94Bln to Egyptian Economy

The Central Bank of Egypt (CBE) Sub Governor Ayman Hussein said that digital payment saves EGP 94 billion to the Egyptian economy.

Speaking at a central bank conference on Thursday, Hussein said the bank was launching modern systems to provide digital services and financial technology, thus providing comfort and sustaining time for all customers.

Last May, the central bank agreed with the Ministry of Finance to launch an electronic government payment system for transactions of more than EGP 500.

He pointed out that 6 banks will provide the service of which two have obtained preliminary approvals.

He added that there are 19 banks offering mobile phone wallet service and 37 banks offering e-cards.

He explained that the number of channels for electronic transactions in the POS machines (point of sale) reached 74.178 thousand points, and the ATM reached 11.920 thousand machines.

He revealed that the number of accounts associated with e-services reached about 30.431 million cards, while the mobile phone wallet about 12.277 million wallets, and the number of Internet banking customers to about 2.084 million customers.