Leaders & specialists in the banking & non-banking financial services industry discussed Egypt’s transformation into a cashless society, in line with the state’s recent injection of huge investments in the financial technology sector.
More details🧐: This came as part of a discussion organized by the Edge Center for Business and Innovation on digital transformation and the future of e-commerce. A number of experts in non-bank financial services praised the role of the state in supporting the digital infrastructure in Egypt, whether through regulatory or other legislation.
What did some of the industry leaders have to say🗣: Enas Kadri, General Manager at Abu Dhabi Commercial Bank, said that 50% of Abu Dhabi Commercial’s transactions have become digital. CEO of consumer finance at EFG Hermes Walid Hassouna claimed that tax evasion remains the most prominent obstacle. Aman Financial Services CEO Hazem Moghazy stated that ease and speed are the main motives for moving towards digitization. While Sherif Elbehery, Managing Director at Misr Digital Innovations, said that Banque Misr is seeing 40,000 new accounts every month.