The Banking Executive Magazine - Septmber Issue 2021

Electronic Banking EGYPT SEES 1BLN ELECTRONIC BANKING TRANSACTIONS WORTH OVER $178.2BLN IN FY 2020/21: CBE The Egyptian banking system imple- mented about one billion electronic transactions, with a value exceeding EGP 2.8trn, during fiscal year (FY) 2020/21, compared to nearly EGP 1.9trn during FY 2019/20, an in- crease of about 49%. Ehab Nasr, Assistant Governor of the Banking Operations and Payment Systems Sector at the Central Bank of Egypt (CBE), said the banking sector is witnessing a major boom in terms of electronic transactions, within the framework of the strategy set by the National Payments Council under the leadership of President Abdel Fat- tah Al-Sisi. He added that Internet banking trans- fers amounted to EGP 1.4trn in FY 2020/21, compared to EGP 825bn in FY 2019/20, an increase of 70%. Moreover, the volume of electronic transactions made through mobile wallets reached nearly EGP 176bn in FY 2020/21, compared to about EGP 55bn a year earlier, an increase of about 226%. Nasr further added that the total transaction that took place through POS amounted to approximately EGP 136bn in FY 2020/21, com- pared to about EGP 114bn during FY 2019/20, an increase of 19.2%. In addition, the value of electronic pur- chases using bank cards reached EGP 23bn, compared to about EGP 14bn, an increase of 40%. He continued that the CBE initiative for electronic payment has con- tributed to increasing the number of POS terminals to about 700,000, compared to about 200,000 before the start of the initiative, with a growth rate of 250%. It also con- tributed to the increase in the num- ber of QR Code generators from 40,000 to 380,000 in the compari- son period, a growth of 850%. Nasr stressed that this boom in elec- tronic banking operations resulted from the combined efforts of the state to shift towards a cashless society, and reflected the increased aware- ness and interest of citizens in elec- tronic transactions. the BANKING EXECUTIVE 38 ISSUE 153 SEPTEMBER 2021