Credit cards increase to 2.575 million by end of June: CBE

Hossam Mounir
2 Min Read
Converting 10% of the country’s total payments into electronic payments within increases GNP by 1%. (AFP Photo)

There are now approximately 2.575m credit cards in the Egyptian market at the end of June; an increase compared to the 2.458m cards at the end of December 2014, according to Central Bank of Egypt (CBE).

In a recent report, the bank said the number of debit cards issued to customers until June 2015 amounted to about 16.423m cards, compared to about 14.525m at the end of 2014.

The number of electronic Point of Sale (POS) in the Egyptian market increased to around 55,876 ATM by the end of June 2015, compared to about 50,808 machines by the end of December 2014.

CBE said now the Egyptian market has 7,855 ATM versus the 7,290 at the end of December 2014.

The report said the number of employees at the Egyptian banking sector rose at the end of June to about 105,914 employees, compared to about 105,246 employees by the end of December 2014.

The number of employees in Egypt’s five largest banks by the end of June was estimated at 41,605 employees and the number of debit cards issued by those banks stood at about 11.7m cards.

The market’s five largest banks issued 1.6m credit cards, with about 4,826 ATM to serve those cards, in addition to the 54,204 POS machines.

CBE’s data also indicate that the largest ten banks operating acquired 100% of the total of 55,876 ​​ electronic POS operating in the Egyptian market.

Those ten banks issued 14.2m debit cards by the end of June and a total of almost 1.94m cards, 6,157 ATM, and 58,812 employees.

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