Egypt’s banks processed 1 bn electronic transactions in 2021 worth a total of EGP 2.8 tn, said the Central Bank of Egypt’s Sub-Governor for Payment Systems and Business Technology Ayman Hussein, according to local press.
He made this statement during his participation in the first Al-Ahram Financial Technology Conference on Sunday in the presence of a large number of CBE officials and bank leaders.
Hussein explained that the CBE’s interest in digitising financial services comes in light of integration with the goals and vision of the National Payments Council headed by President Abdel Fattah Al-Sisi to transform into a cashless society.
He pointed out that one of the council’s most prominent achievements was establishing the ‘Meeza’ national payment system — the first local system of its kind that is independent and capable of providing the same services as foreign payment networks effectively and efficiently to spare the national economy the effects of these external networks for any emergency event.
“Financial technology has enabled us to transform challenges into opportunities, as the nCBE has directed banks to expand in providing more digital banking services, which enhanced the banking sector’s ability to overcome many obstacles and reach all segments of society. This had a great impact on enhancing the ability of the banking sector to respond quickly and flexibly to the requirements of the pandemic period, as more than 1bn electronic transactions worth EGP 2.8bn were executed last year,” Hussein said.
