Egypt in the News on 15 October 2017
It’s a mixed day for Egypt in the international press, with no single story dominating the narrative.
E-payments firm Fawry is helping lead the delivery of financial services to the 94 mn unbanked citizens of Egypt, writes Heba Saleh for the FT (paywall). The company’s expanding services is grounded on a combination of demographics, low banking penetration and a high rate of mobile phone ownership, says CEO Ashraf Sabry. “Going digital will be mandatory, there is no other solution.” One obstacle he names is the government failing to pay for services provided by platforms such as Fawry. “The payment system in Egypt does not have an incentive model because the government does not pay . . . the processors of electronic payments. The existing law does not allow it,” he says.
The Fawry story is part of a longer package on Arab World Banking and Finance in the FT this morning. Other stories include:
- Legal wrangles dent Dubai’s image as region’s financial centre
- Qatar crisis sends tremors through banking in the Gulf
- Saudi privatisations prove a magnet for foreign banks
- Gulf banks ‘ripe for consolidation’ following FAB deal
- State stakes in Gulf banks bring business advantages — and risks
A number of World Cup-related stories continue to make headlines in the foreign press. Egypt’s successful World Cup qualification campaign comes at the cost of added pressure to allow supporters back into stadiums, James M Dorsey writes for Eurasia Review. “It has also sparked calls for the release of incarcerated, militant and politicized fans who have been at the core of Egypt’s 2011 popular revolt and subsequent anti-government protests.” Meanwhile, Goal.com is projecting that Egypt’s rise to the World Cup will see businesses cough up ad money.
Also this morning: Egypt’s effort to curb imports and improve its trade balance has started to bear fruit, writes David Awad for Al Monitor.