Retail Payment Systems
In the OIC Member Countries
44
4.1 Egypt
Highlights:
• Positive development of payment systems in Egypt during 2014, despite experiencing a
tumultuous time during the review period.
• The number of banks operating in the country is increasing and intensifying competition;
this results in more attractive offers for consumers and has encouraged many Egyptians to
use more than one payment system at the same time.
 Egyptian consumers can now pay their bills or inquire about their credit from their
smartphones and tablets. The rising use of mobile payment systems has thus promoted
growth during the year.
Introduction
Egypt has a well-balanced economy by regional standards, which is diversified across
manufacturing and extraction activity, including the mining, oil and gas sectors (15.5 %)
agriculture (14.75 %) construction (4.6 %), tourism (3.1 %), as well as various segments of
their rapidly emerging services sector. Manufacturing activity is the largest single contributor
to GDP, accounting for 16.2 per cent of the total GDP. The manufacturing sector is also an
important element of the broader national expansion plan, with six segments identified as
areas of potential growth: engineering machinery and equipment, consumer electronics, life
sciences, biotechnology, automotive components and handicrafts.
Foreign investment in Egypt is a vital source of sustainable economic growth that contributes
extensively to the country’s GDP. Furthermore, the government of Egypt has endorsed an
institutional framework for public-private-partnerships (PPPs) to further develop and
improve the nation's infrastructure. PPP projects in the pipeline include building and
maintaining hospitals, potable and wastewater stations, and freeways. Other significant
sectors of interest to foreign companies include chemicals, pharmaceuticals, agriculture, water,
tourism, renewable energy, transport and logistics and consumer goods.
General Banking and Payment Landscape
The banking and financial sector of Egypt has been highly affected by the changes that
transformed the way banks and financial institutions deliver their services using technologies
such as ATMs, mobile phones, the internet, credit cards, and electronic money. In line with
global trends, retail payment systems in Egypt have been undergoing many changes as well. In
the past, banks faced significant uncertainty regarding investments in advanced technologies,