Ehab Nasr: The number of electronic wallets has now increased to 26 million

Writers: Fatima Nashat, Mustafa Mahmoud and Hajar Barakat

Ehab Nasr, Undersecretary of the Governor of the Central Bank of Egypt, said that the efforts of the Central Bank and its launch of many initiatives related to the development of electronic payment contributed to the increase of electronic wallets from 9 million wallets to 26 million electronic wallets within 3 years.

During his speech at the third session of the Financial Technology Conference, under the title “Electronic Payments, Developing Services and Supporting Innovation”, he indicated that the remarkable development in payments relied on 3 axes represented by, strong infrastructure, legislative amendments that contributed to moving in the transformation journey Digital, and the third axis is represented in cybersecurity and securing the digital system, in addition to encouraging innovative ideas and helping young people to transform their ideas into projects on the ground, automating government payments, which greatly affected the private sector, providing a national payment and acceptance system.

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He mentioned that the work on preparing the infrastructure has formed more than 30 projects to develop infrastructure in the banking sector, such as the real-time settlement system, the Meeza system, and the Meeza digital system to link mobile phone wallets.

With regard to the legislative framework, the Central Bank and Banking System Law was amended, which included a complete chapter on payment systems.

The Central Bank has also worked to educate and educate citizens about the importance of digital products, by launching 5 campaigns sponsored by the Central Bank, as well as educating the banking sector by training workers in the sector on development in cybersecurity.

He noted that the number of automated teller machines has now increased to 18,000 ATMs, compared to 13.5,000 machines 3 years ago, and the number of electronic point-of-sale machines has increased from 68,000 to 740,000 machines during the period.

He explained that the number of credit cards increased from 30 million cards 3 years ago to 54 million credit cards currently, indicating that about 23 banks have obtained an electronic wallet license.