By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Taaleem acquires 32% of SB Investment
    Taaleem acquires 32% of SB Investment
    May 30, 2023
    161% increase in net profit of Suez Canal Bank in 1Q 2023
    161% increase in net profit of Suez Canal Bank in 1Q 2023
    May 30, 2023
    Lighthouse Education aims to complete two acquisitions by 2024-end
    Lighthouse Education aims to complete two acquisitions by 2024-end
    May 30, 2023
    Al-Bahi family exits Fancy Foods, studies new investment opportunities
    Al-Bahi family exits Fancy Foods, studies new investment opportunities
    May 30, 2023
    UNFPA, Pharco sign cooperation protocol to support Egypt’s family planning
    UNFPA, Pharco sign cooperation protocol to support Egypt’s family planning
    May 30, 2023
  • Politics
    PoliticsShow More
    Lebanon's army says frees kidnapped Saudi citizen
    Lebanon’s army says frees kidnapped Saudi citizen
    May 30, 2023
    UNHCR appreciates Egypt's commitment to offer sanctuary for those fleeing violence
    UNHCR appreciates Egypt’s commitment to offer sanctuary for those fleeing violence
    May 30, 2023
    Foreign Ministry, CCCPA to organize workshop to review African Union policy
    Foreign Ministry, CCCPA to organize workshop to review African Union policy
    May 30, 2023
    European support needed as Egypt hosts millions of refugees: Shoukry
    European support needed as Egypt hosts millions of refugees: Shoukry
    May 30, 2023
    Iran-Oman ties enter investment stage, says Iranian president
    Iran-Oman ties enter investment stage, says Iranian president
    May 30, 2023
  • Interviews
    InterviewsShow More
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    May 25, 2023
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    May 8, 2023
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    April 29, 2023
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    April 18, 2023
    "Al-Asly" series saw my first leading role in TV drama: Reham Abdel Ghafour
    “Al-Asly” series saw my first leading role in TV drama: Reham Abdel Ghafour
    April 16, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Mechanisation of public wages to stimulate economy: Visa Egypt director
Share
Notification
Latest News
Taaleem acquires 32% of SB Investment
Taaleem acquires 32% of SB Investment
Business
Lebanon's army says frees kidnapped Saudi citizen
Lebanon’s army says frees kidnapped Saudi citizen
Politics Region
161% increase in net profit of Suez Canal Bank in 1Q 2023
161% increase in net profit of Suez Canal Bank in 1Q 2023
Banking
UNHCR appreciates Egypt's commitment to offer sanctuary for those fleeing violence
UNHCR appreciates Egypt’s commitment to offer sanctuary for those fleeing violence
Politics
Foreign Ministry, CCCPA to organize workshop to review African Union policy
Foreign Ministry, CCCPA to organize workshop to review African Union policy
Politics
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Banking > Mechanisation of public wages to stimulate economy: Visa Egypt director
BankingBusiness

Mechanisation of public wages to stimulate economy: Visa Egypt director

Doaa Farid
Last updated: 2015/06/03 at 5:31 PM
By Doaa Farid 3 Min Read
Share
There are 12 million credit cards in Egypt, but approximately 33 million mobile phone customers do not use any method of electronic payment. (AFP Photo)
SHARE
There are 12 million credit cards in Egypt, but approximately 33 million mobile phone customers do not use any method of electronic payment.  (AFP Photo)
There are 12 million credit cards in Egypt, but approximately 33 million mobile phone customers do not use any method of electronic payment.
(AFP Photo)

The mechanisation of public sector wages will benefit the Egyptian economy if electronic cardholders use cards in their direct purchases, said Tarek Mahfouz, Egypt’s director of Visa Inc.

Mahfouz said, in a Visa session organised by Al-Ahram Regional Institute for Journalism (AHRIJ), that the existence of public wages in the banking system will help stimulate the economy “even if the cash stayed for few days”.

The Egyptian government, represented by Prime Minister Ibrahim Mehleb and Minister of Planning Ashraf El-Araby, have decided the automation of salaries of public employees will start from 30 June.

The move is considered to be a step to engage more people into the Egyptian banking system, as the service will be offered to 6.5 million public employees.

The Ministry of Finance held several meetings in early May with several banks regarding the mechanisation, most prominently the National Bank of Egypt (NBE) and the Housing and Development Bank.

A total of 11 banks, including Piraeus Bank and the Commercial International Bank (CIB), have contracted with E-Finance Company to mechanise public sector salaries. This will increase their customer base in this category, according to E-Finance’s head of Business Development and Sales Ahmed Abou El-Dahab.

Abou El-Dahab said, earlier in May, that the NBE is occupying the largest portion in this project, followed by Banque Misr, the Housing and Development Bank, the Arab Banking Corporation and the Arab African International Bank.

Only 6-8 million individuals are customers in the Egyptian banking sector, according to NBE Chairman Hisham Okasha.

The Middle East and North Africa region (MENA) has recorded the highest total volume of Visa prepaid card usage, with Egypt registering 10% penetration. This is compared to 60% in the UAE, Visa MENA director of prepaid products Sumit Tyagi said in September.

There are 12 million credit cards in Egypt, but approximately 33 million mobile phone customers do not use any method of electronic payment. This creates an opportunity for bankers to convince people to use mobile phones in payment process.

 

You Might Also Like

Taaleem acquires 32% of SB Investment

161% increase in net profit of Suez Canal Bank in 1Q 2023

Lighthouse Education aims to complete two acquisitions by 2024-end

Al-Bahi family exits Fancy Foods, studies new investment opportunities

UNFPA, Pharco sign cooperation protocol to support Egypt’s family planning

TAGGED: Ashraf El Araby, Daily, Egypt, electronic payment, Ibrahim Mehleb, Minister of Planning, News, prime minister, Visa
Share this Article
Facebook Twitter Email Print
Previous Article Rights groups concerned of investigations into anti-torture judges
Next Article Al-Sisi greeted in Germany by storm of criticism
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Taaleem acquires 32% of SB Investment
Taaleem acquires 32% of SB Investment
Business
Lebanon's army says frees kidnapped Saudi citizen
Lebanon’s army says frees kidnapped Saudi citizen
Politics Region
161% increase in net profit of Suez Canal Bank in 1Q 2023
161% increase in net profit of Suez Canal Bank in 1Q 2023
Banking
UNHCR appreciates Egypt's commitment to offer sanctuary for those fleeing violence
UNHCR appreciates Egypt’s commitment to offer sanctuary for those fleeing violence
Politics
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?