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Learn moreOct 2020
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Patterns of consumer behaviour in Egypt changed during the near two months in lockdown in the first half of 2020, with social distancing rules driving up demand for digital banking services across Egypt. Institutions, including the Arab African International Bank, Banque Misr, National Bank of Egypt and BLOM Bank, have all increased their electronic service capabilities since March.
Lockdown in Egypt started on 25 March, including a nightly curfew, with all borders closed and flights suspended. Grocery retailers and pharmacies operated throughout the lockdown, with delivery services also available.
Due to the pandemic, it was possible to postpone all credit card and loan repayments for six months, applying the prevailing interest rate on the postponed payment amounts and without any late fee charges on these amounts. However, loanees were still free to make their normal repayments if they wanted to, through ATMs, mobile bank applications or online banking services as well as in branches.
According to figures from research conducted by Daily News Egypt into the results of the annual activities of the banks operating in the Egyptian market, 11 banks recorded net profits, amounting to a combined total of about EGP36.9 billion in 2019.
The Central Bank of Egypt has increased the limit on electronic payments via mobile phones to EGP30,000 per day and EGP100,000 per month for individuals, and to EGP40,000 per day and EGP200,000 per week for businesses. The Central Bank of Egypt also sent directives to banks telling them to make online accounts available to clients that are accessible through mobile phones, using clients’ registered data.
The forecast period is expected to see growth in online banking and digitalisation of services. This means that paying for goods in Egypt should potentially get a lot faster.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in Egypt with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Financial Cards and Payments industry in Egypt, our research will save you time and money while empowering you to make informed, profitable decisions.
The Financial Cards and Payments in Egypt market research report includes:
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Euromonitor’s industry reports, including Financial Cards and Payments in Egypt, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.