Cairo – Mubasher: The Egyptian banking sector carried out about 1 billion electronic banking transactions worth more than EGP 2.8 trillion in fiscal year (FY) 2020/2021, compared to 700 million transactions worth EGP 1.9 trillion in FY19/20, the Middle East News Agency (MENA) reported on Thursday, citing a senior official as saying.
The value of money transfer transactions through internet banking surged by 70% year-on-year (YoY) to EGP 1.4 trillion in FY20/21 from EGP 825 billion, the Assistant Sub Governor of the Central Bank of Egypt (CBE) for Payment Systems and Business Technology Sector, Ehab Nasr, said.
Meanwhile, the value of e-transactions conducted through mobile wallets hiked by 226% to EGP 176 billion in the year ended 30 June, compared to EGP 55 billion a year earlier.
The electronic points of sale (EPOS) transactions amounted to about EGP 136 billion in the last fiscal year, up by 19.2% YoY from EGP 114 billion, while online purchases made via banking cards increased by 40% YoY to EGP 23 billion from EGP 14 billion.
The e-payment initiative, supported by the CBE with about EGP 1 billion, contributed to increasing the number of EPOS to around 700,000 from about 200,000 and the number of QR codes to nearly 380,000 from about 40,000.
