A comprehensive overview of the cards, payments and consumer banking market in Egypt, with expert commentary backed by historic and forecast data.
The high mobile penetration rate has led to an official push for acceptance and payments empowerment, with 2018 seeing the launch of a domestic debit scheme, Meeza. The rise in digital payments is expected to drive a BNPL surge in 2021. Since 2017, the number of mobile money accounts has doubled, and a digital bank is forthcoming from Banque Misr: more signs of historic shifts in consumer appetite. In addition, the pandemic has led to record growth for digital payments providers such as Fawry.
What you will learn from this Egypt payments report:
Demographics and the economy
Key retail banks and issuers
Acquiring and processing
Regulatory and other cards market information
Appendices: Egypt Card Payments Data
Appendix I: Demographics and the economy
Appendix II: Payments environment
Appendix III: Cards market data
Appendix IV: Mobile payments
Appendix V: Profit pool
Appendix VI: Card networks
Appendix VII: Key retail banks and issuers
Appendix VIII: Acquirers and processing
Appendix IX: Online acquiring data
Demographics and Economy: The Arab Republic of Egypt is the most populous country in the Middle East and has the third-highest population in Africa. The country's population stood at 99.8 million at the end of 2019, an increase from 88 million in 2014.
Egypt remains a cash-heavy society: over 90% of the value of payments are made using cash. The informal economy takes up to 60% of the entire economy.
Although there is high cash usage, there has been a notable growth in the use of payment cards, particularly among those in the 25 to 35 age bracket. The total number of debit and credit cards in use in Egypt has more than doubled since 2010.
The number of mobile money users in Egypt stood at 14.9 million in 2019, an increase of over 117 percent on the total in 2016. This is supported by over 350,000 mobile money agents.
Egypt's credit cards market is expected to make a profit of approximately $57 million during 2020, up from $28 million in 2019.
Visa and Mastercard are the dominant networks in the Egyptian credit cards market with a combined market share of 98% in 2019. Banks issue Visa and Mastercard branded debit cards in Egypt. In addition, banks also issue debit cards under the local 123 Network scheme and the new Meeza scheme.
Key Retail Banks and Issuers:
A total of 38 banks were in operation in Egypt at the end of 2019. The top five banks – in terms of assets – held 67 percent of total banking assets as of June 2020.
Acquiring and Processing:
Card acceptance infrastructure in Egypt is set to change significantly in the medium to long term. At the end of 2019 there were around 88,380 POS terminals installed in the country, and it is estimated that this will increase to almost 200,000 units.
Egypt remains an incredibly appealing market for new e-commerce companies due to the low cost of doing business in the country and also because of the growing preference for online shopping – the B2C e-commerce size has been increasing by over 40% annually since 2014.
Regulatory and Markets Information:
The Central Bank of Egypt (CBE) allows banks operating in the Egyptian market to own unlimited shares in payment service providers and payment systems operators ... part of the country's push towards cashless payments.
Abu Dhabi Islamic Bank Egypt
Ahli United Bank
Al Baraka Bank Egypt
Arab African International Bank
Arab Investment Bank
Bank Audi Egypt
Banque du Caire
Cairo Far East Bank
Central Bank of Egypt
Chase Manhattan Bank
Chase National Bank of Egypt
Commercial International Bank
Egyptian Banking Company for Advanced Technology
Egyptian Banks Company
Egyptian Financial Supervisory Authority
Egyptian Islamic Finance Association
Egyptian Postal Authority
Egyptian Shooting Club
Faisal Islamic Bank of Egypt
Hong Kong Egyptian Bank
International Monetary Fund
International Telecommunication Union
Liverpool Football Club
Ministry of Communications and Information Technology
National Bank for Development
National Bank of Egypt
National Council for Payments
National Société Générale Bank
Qatar National Bank Al Ahli
QNB Al Ahli
Suez Canal Bank
United Bank of Egypt
Verisk financial reports include detailed market and competitor intelligence on payments cards, e-money, acquiring, retail banking, and consumer credit in Africa. Analysts use primary and secondary source data and conduct in-depth interviews with senior industry executives and African finance experts.
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