“PaySky” for Alarabiya: The number of Egyptians covered financially rose to 64.8% in 2022
PaySky CEO Waleed Sadek said that the Central Bank of Egypt’s initiatives to accelerate the pace of digital transformation and achieve financial inclusion had a significant impact on the Egyptian market.
Sadek added, in an interview with Al-Arabiya, that the electronic coding service was launched recently, and it is a service that will accelerate the pace of transformation in the field of electronic payments.
He stated that the number of Egyptians covered financially increased from 30% to 64.8% in 2022.
The Central Bank of Egypt has developed a strategy for the development of digital payments in Egypt by adopting rules governing coding services and establishing an infrastructure to provide secure digital payments. It also targets coding technology with the aim of attracting global institutions and achieving unprecedented innovations in the Egyptian digital payments market.
Assistant Undersecretary of the Central Bank of Egypt Governor for the Banking Operations and Payment Systems Sector, Ihab Nasr, said that there are efforts to provide coding services to all banks issuing electronic payment cards in Egypt, in cooperation with digital payment service operators, with the aim of paving the way for the development of innovative digital payments nationwide, and encouraging customers. To expand the adoption of electronic payment methods easily and safely.
Statistics issued by Statista predicted that the volume of digital payments in Egypt will reach about $21.7 billion by 2027.
It estimated that the volume of digital bank revenues will reach $9.6 billion in 2027.
Financial technology in Egypt is witnessing high growth rates in the recent period, especially since the “Covid-19” pandemic.