Central Bank of Egypt allocates EGP 1bn to deploy 300k POS nationwide2020-12-082020-12-08https://vcg-eg.com/wp-content/uploads/2020/05/vcg-logo-1.pngVCGhttps://vcg-eg.com/wp-content/uploads/2020/12/768x430-1.jpg200px200px
We aim to reach 1 million POS within three years: CBE Deputy Governor
The Central Bank of Egypt (CBE) will bear the EGP 1bn cost needed to deploy 300,000 points of sale (POS) systems to support Egypt’s transformation to a digital economy and achieve greater financial inclusion.
This comes as part of the National Council for Payments’ strategy, which is headed by President Abdel Fattah Al-Sisi, to shift Egypt away from its dependency on cash transactions. It aims to move the country towards using electronic payments and collection services, instead.
As part of this, the CBE’s financial support comes alongside several other measures to expand the electronic payment initiative that was launched last May. This comes to enhance financial inclusion and facilitate financial transactions for citizens.