The Egyptian Economy has evolved many folds with Digital Banking and Financial Inclusion at the core helm of Egypt’s Vision 2030 strategy. Thanks to a booming, transformed digital shift and revision in the economic reforms since the early 2016s, Egypt is on the verge of becoming the second major digital banking hub post UAE in the coming years.
Egyptian pioneer Central Bank Of Egypt (CBE) and 39 other Banks with more than 3.5K branches have been lauded by the World Bank, World Economic Forum (WEF), and International Monetary Fund (IMF) as the fastest emerging digital banking hub across MENA.
Egypt’s Digital Finance Landscape and Roadmap Ahead
Egypt’s Digital Finance Transformation has achieved remarkable strides in recent years with its Core Banking Players and modern revised government reforms like: –
Shift Towards Cashless Economy: – The Egyptian banking sector is investing heavily in innovative digitized banking and services offering retail clients, Small and Medium Enterprises (SMEs), Entrepreneurs, young tech-savvy populous instant core updates on financial products, services, and a cashless economy.
Surge In Financial Inclusion: – Egypt has been a clear winner in terms of financial inclusion with a three-fold surge in the number of bank account creations, ATM utilization, a 300 percent surge in Digital Payments, and Insurance portfolios representing almost 2.6 Mln registered Accounts.
When it comes to digitizing and taking the road towards Egypt’s cashless economy under the goals of ‘Egypt DTS Vision 2030’, Abu Dhabi Commercial Bank (ADCB) Egypt emerges as one of the core performers.
ADCB Egypt: – A Trailblazing Journey & Success Story
Abu Dhabi Commercial Bank is the third largest UAE Banking pioneer and fifth in the entire Gulf banking arena. From its humble beginnings in early 2020 with the acquisition of UNB, the Banking pioneer has emerged as one of the leading Digital Banking pioneers in the region and globally.
ADCB Egypt has partnered with Instapay Network and Temenos Open AI platforms offering its clients ease of linking their bank accounts across other banks in Egypt or across borders.
The Bank has also launched the Erada Package as part of its commitment towards sustainability and Financial Inclusion offering a huge range of financial, and non-financial services including instant issuance of medical cards, and favorable loan access for the differently abled.
Considering these meritorious accomplishments and its continuous efforts for a digitized Egypt through cashless economic drive, and financial inclusion, ADCB has been awarded Most Innovative Digital Bank Egypt 2023, Best Internet Banking Egypt 2023 and Best New Bank Egypt 2023 by International Business Magazine.
Article By Medhaj Nair
