The National Bank of Egypt (NBE) and Saudi startup Geidea have partnered to deploy thousands of electronic points of service (POS) across Egypt.
In cooperation with the NBE, Geidea has obtained an electronic payment facilitator licence from the Central Bank of Egypt (CBE) in preparation for the launch.
The POS services will accept all types of card payments, in addition to the national Meeza cards and mobile payment via QR Code.
Under this cooperation and through the licence, Geidea will provide integrated electronic payments (e-payments) acceptance services to merchants and small- and medium-sized enterprises (SMEs) from NBE partners.
The Saudi company aims to increase the number of electronic POS in various parts of Egypt, according to the Egyptian Government’s digital transformation and financial inclusion plan.
This cooperation with the NBE, which serves as one of the most important pillars of Egypt’s banking sector, is an important step within Geidea’s strategy in the country.
It comes in line with the CBE initiatives relating to digital transformation, and to provide services and solutions in cooperation with the bank.
Geidea is about to unveil a number of distinguished e-payment services in cooperation with the NBE, in order to support the local market with smart payment solutions. These include unique services for the first time in the Egyptian market.
The Saudi company is also considered a leader in providing the latest e-payment technology services and integrated financial services to banks, companies, and merchants in various categories.
It has provided such e-payment services since 2008, and has, since then, provided services to major banks and organisations through 600,000 POS, with daily transactions exceeding 5 million.
The company is currently expanding its services to more than one country in the Middle East and Africa (MEA) region. Geidea Technology Egypt was established in the second half (H2) of 2020 to provide e-payment and financial services through technology offered for the first time in the Egyptian market.