View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
September 27, 2021

Egypt approves merchant licences for contactless mobile payments

By Shalini mani

Egypt’s central bank has approved the issue of licences that will enable merchants to accept contactless payments from their customers through mobile phones.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

New legislation and regulatory changes are expected to transform the way unbanked citizens run business in the country.

The central bank did not reveal who would be eligible for the licences as well as the timelines for the roll-out of the new system.

The move is seen as part of the government’s strategy to encourage new investments in the country’s fintech space.

In July last year, Egypt introduced Data Protection Law in a bid to promote online banking in the market.

This law, which is said to partially imitate EU’s General Data Protection Regulation (GDPR), outlined criteria for businesses to process and store customer data digitally.

Recently, Egypt gave green light to a new law that enables the central bank to provide banking licences to fintech firms.

The country is also preparing to pass a new legislation to govern non-banking fintech players such as nano-finance, consumer tech and insurtech.

Recent developments in Egypt’s payment space

Earlier this month, Reuters reported Egyptian state-operated payments firm e-finance’s plans to float a minority stake on the Egyptian Exchange in the fourth quarter of this year.

The firm aims to float 177.8 million new shares on the stock exchange. It will also offer 80 million shares that are currently owned by existing shareholders to investors.

In January last year, MoneyGram International collaborated with Suez Canal Bank to facilitate remittances directly into the bank accounts of recipients in Egypt.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International