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Euronet aims to inject EGP 400m in Egypt by end of 2018 - Daily News Egypt

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Euronet aims to inject EGP 400m in Egypt by end of 2018

Company runs 125,000 ATMs worldwide, deals with 12 banks in Egypt, says Farouk

Euronet aims to inject EGP 400m of new investments into the Egyptian market by the end of 2018, according to director for the Middle East and North Africa Mohamed Farouk.

He noted that the company has over 270 clients, including 45 regional customers and 12 banks in Egypt, which use the company’s technological services in the management of electronic financial transactions. The company also manages about 125,000 ATM machines around the world, in addition to 800,000 points of sale (POS).

He added that the company has 61 offices around the world, through which they provide services in 160 countries. It provides banks and companies working in the financial sector with the latest technological banking services, through which they organise and link financial institutions with retailers, ensuring the confidentiality of customer accounts with the speed of accounting operations.

According to Farouk, the state’s tendency to automate government salaries and cash remittances from foreign workers will contribute significantly to the increase in the number of ATMs in the coming period, expecting that the Egyptian market will witness an unprecedented rift in this sector.

Farouk revealed that the company is negotiating with one of the major banks operating in Egypt to operate the ATMs and the issuing of cards for this bank, preferring not to disclose the name of the bank until the agreement is completed.

He added that there are advanced discussions with one of the banks to start the installation of its ATM machines in the tourist areas loaded with a package of solutions that suit the needs of tourists.

Euronet has generated $1.96bn in revenue in 2016. Cash withdrawals from these ATMs reached $38bn worldwide.

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