Retail Payment Systems
In the OIC Member Countries
50
Summary
Egypt embodies many paradoxes especially given that despite widespread poverty it has long
had a middle class that constitutes a critical mass of banking customers, internet users and
patrons of mobile and other advanced payment systems. Thus, major international services
providers such as Vodafone and Etisalat have invested significantly in advanced payment
systems, along with long established local banks and services providers. The government has
sophisticated experience with financial and telecommunications regulation and they recognise
their responsibilities toward the un-banked and others who would benefit from rapid
dissemination of innovative payment systems. Economic and political developments, along
with an underdeveloped retail sector, are likely to remain inhibitors to further deepening of
retail payment systems.