Grace Ashiru
The CBE’s plan to implement card tokenisation by 2025 marks a major advancement in securing Egypt’s digital payment ecosystem. This innovative cybersecurity measure replaces sensitive card information with unique digital tokens during online transactions, effectively reducing fraud risks and safeguarding consumer data.
With digital transactions in Egypt continuing to rise—projected to exceed EGP 22 trillion by the end of 2024, a significant increase from EGP 7 trillion in 2021—the demand for robust security solutions has become more pressing than ever. Tokenisation ensures that card details remain inaccessible to unauthorised parties, bolstering trust in the digital payments landscape.
This initiative by the CBE aligns with global advancements in fintech. Leading card networks like Mastercard have pledged to implement tokenisation for all online transactions by 2030, highlighting a worldwide focus on fraud reduction.
Across the region, African nations are also prioritising digital payment security. For example, Nigeria’s Central Bank introduced AfriGo in early 2023, a domestic card scheme aimed at enhancing financial inclusion and reducing reliance on international card networks.
These initiatives underscore a collective commitment across Africa to modernise financial infrastructure and safeguard the growing digital economy. Tokenisation serves as a crucial cornerstone in securing electronic payments, which are rapidly becoming the foundation of commerce across the continent.
As Egypt and other African nations embrace these advancements, they not only strengthen security but also build consumer trust—an essential factor in encouraging wider adoption of digital payment systems. This progress directly supports financial inclusion efforts by providing secure and convenient payment options to a broader segment of the population.
Tokenisation represents a pivotal step in Egypt’s pursuit of a safer and more inclusive digital financial ecosystem, setting a benchmark for other countries in the region to emulate.
