The National Bank of Egypt (NBE) and Fawry, the electronic payment platform, signed an agreement to provide 43,000 points of sale (POS) nationwide that allow payments using NBE cards and e-wallets, an increase of more than 54% in credit card machines in Egypt.
Karim Soos, Retail Risk Group Head at NBE, said the bank seeks through the new agreement to support its strategic plan towards financial inclusion and expansion in various banking services, particularly the digital ones. This has become the global trend recently, in line with the country’s plan to bring about nationwide digital transformation.
Soos added, “The new agreement with Fawry makes it easy for all credit card holders and bank wallets from different banks to shop and pay in several sectors, including pharmacies, supermarkets, and small outlets, by providing 43,000 machines that accept bank cards and mobile phone payments in the market.”
Mohamed Okasha, Managing Director of Fawry, stated that the new partnership with the NBE comes within the framework of cooperation between the company and the banking sector to facilitate the payment process for citizens, such as bill payments, e-wallets, electronic payment acceptance systems, micro-lending, and shopping.
Currently, the number of machines that accept card and phone payments is approximately 80,000 in Egypt. After Fawry’s new agreement with the NBE, it added 43,000 machines to the market.