Since financial inclusion is a cornerstone of Egypt’s Vision 2030, the Egyptian government has been keen on introducing and promoting digital financial services. The Central Bank of Egypt (CBE) launched multiple initiatives on the importance of banking across governorates, leading to an increase in the number of banked citizens. Although cash is still king in Egypt, digital payments are becoming increasingly popular in the country due to the spread of e-wallets and digital financial services in the last few years. In 2022, 64 percent of Egyptians increased their adoption of digital payment solutions, and in the same year, a report by Mastercard’s New Payment Index showed that the number of mobile phone wallets in Egypt reached 46,500 per 100,000 people. With the increase in the popularity of these solutions and the increased reliance on them in transactions across the country, here are some of the most widespread digital payment methods in Egypt. Fawry Due to its availability in every nook and cranny of the country, Fawry, established in 2008, is the most popular digital payment service in Egypt. As the leading provider of e-payments and digital finance solutions with over…
Between E-Wallets and Money Apps, Different Digital Payment Options in Egypt
May 15, 2023
