FinTech companies attracts $800M in 2022: CBE



Mon, 20 Nov 2023 - 04:18 GMT


Mon, 20 Nov 2023 - 04:18 GMT

CAIRO - 20 November 2023: The number of financial services companies raised from 32 to 177 companies from 2017 to 2022. In addition to that, these companies had a significant contribution to Egypt’s economy by attracting $800 million in 2022, Deputy Governor of the Central Bank of Egypt (CBE), Rami Aboulnaga announced.

Aboulnaga also added that the number of Instapay customers reached more than 6.2 million users.

Within the framework of CBE’s startegy of boosting electronic payments, the number of electronic points of sale increased to more than 1.2 million, and the number of ATMs to 23,000 machines, deputy Governor of the CBE added.

The CBE achieved significant milestones in its implementation of the Meeza system, with over 336 million Meeza cards issued. The introduction of Meeza is a crucial component of Egypt's digital transformation and financial inclusion strategy. One of its key objectives is to replace the payroll cards of state employees with Meeza cards.

Moreover, the CBE's efforts in electronic payments have resulted in the issuance of 62 million electronic payment cards, as stated by the deputy governor of the CBE.

In a recent development, the CBE has made initial agreements with the central banks of the UAE and Jordan, and it is currently engaged in advanced discussions with the central bank of Saudi Arabia. These agreements aim to enable users of InstaPay to transfer funds from banks in these countries to their Egyptian bank accounts.

Instapay is CBE’s payment service app and reported in March 2023 that it has completed over EGP 112.7 billion worth of transactions in 2022, with 2.16 million registered users carrying out around 20.3 million transactions.

Furthermore, the Capgemini Research Institute's 2023 World Payments Report, released in October, predicts a significant surge in non-cash transactions in Egypt. It forecasts that the volume of these transactions will reach $16.34 billion in 2023, signifying a remarkable increase for the country.



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