During the annual conference of the Banking Institute, Ehab Nasr, Assistant Sub Governor of the Central Bank for Electronic Payment Operations and Systems, announced that Egypt will be introducing several new online banking services in the near future.
As part of the Central Bank of Egypt’s objective of developing the digital financial infrastructure, they will be introducing a number of national large-scale services in that area, including eKYC, an online process of verifying customers’ credentials to further facilitate the online baking process.
The Central Bank of Egypt is also planning to create a national system to digitize cards, to allow citizens to use their cards through their mobile phones. This will be in line with their plans to introduce international fin-tech services to Egypt, such as Apple Pay and Samsung Pay.
The organization seems to be keeping a close eye on the fin-tech industry, given that according to Nasr, the number of e-wallets in Egypt grew by 211%, going from 9 million to 27.7 million.
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