Back to the complete issue
Monday, 1 June 2020

Central Bank of Egypt to finance purchase of 100k POS machines this year

CBE finances purchase of 100k POS machines: The Central Bank of Egypt (CBE) said it will finance banks’ purchase and distribution of 100k new POS machines this year as part of a wider plan to expand the use of e-payment services, according to a circular (pdf). The CBE will give incentives to banks that promote POS payments with a bonus equivalent to 0.5% of the value of the total transactions processed via their POS for three months.

Central bank to promote QR Codes: Banks that allow clients to pay bills and transfers by swiping a QR code would be granted a 0.5% bonus of their total transactions while merchants will be awarded EGP 3k for every 150 new QR codes scanned until the end of December. This comes in tandem with the Finance Ministry beginning to collect government payments through QR codes that work in a similar way to contactless cards: either by having the customer scan a bill code to process the payment or the merchant scanning the customer’s code. Finance Minister Mohamed Maait said (pdf) would be faster and safer than using ATM machines and bank cards.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.