Grace Ashiru
Banque Misr, one of Egypt’s largest banks and a leader in electronic payment solutions, has partnered with Etisalat Misr to introduce SuperPay, an advanced electronic payment technology company. This collaboration between Banque Misr, a prominent financial institution, and Etisalat, a telecommunications giant, marks a significant milestone in Egypt’s journey towards enhancing its financial technology landscape.
Akef Al-Maghrabi, Vice President of Banque Misr, emphasized the bank’s unwavering commitment to the FinTech sector. They have diligently followed government directives to promote payment automation and encourage the shift towards a cashless society. As of mid-2023, Banque Misr has successfully deployed over 500,000 electronic payment machines across Egypt, showcasing their dedication to advancing technology in the financial sector.
Furthermore, Al-Maghrabi emphasized the remarkable surge in the quantity of collection contractor clients and the scale of transactions processed via their online payment gateway. In the initial half of 2023, these statistics had surged by an astonishing 100% when compared to the corresponding period in 2022. The bank had additionally established various key collaborations with leading global industry leaders, streamlining payment systems across a wide range of sectors, such as transportation, aviation, real estate development, retail sales, and insurance.
The collaboration between Banque Misr and Etisalat Misr not only marks a significant step forward in advancing Banque Misr’s vision for a cashless society but also signals the introduction of SuperPay. This innovative partnership is set to deliver cutting-edge digital solutions, including mobile top-up services, bill payments, merchant services, and an online payment platform, and has plans for future expansion into agent banking, microfinance, and payroll advances.
One of SuperPay’s most ambitious goals is to deploy more than 190,000 electronic payment machines across Egypt within the next five years. This bold initiative seeks to replace traditional cash transactions with electronic payments, introducing soft Point of Sale (POS) systems and the Tap on Phone service. These innovations are poised to drive significant growth in Egypt’s financial landscape.
Akef Al-Maghrabi highlights that the electronic payment sector benefits from companies such as SuperPay, not only spurring technological advancements but also creating avenues for young professionals. This aligns with the national strategy aimed at boosting economic growth.
SuperPay’s introduction marks a significant turning point in Egypt’s financial technology landscape, driven by the unwavering commitment of two powerhouse entities, Banque Misr and Etisalat Misr. These two entities are dedicated to ushering in a future where digital solutions will transform the way payments are conducted in Egypt.
Banque Misr’s vision of a cashless society aligns perfectly with the support of the Central Bank, which reported a remarkable increase in financial inclusion in Egypt, reaching 64.8% in 2022. This achievement can be largely attributed to the growth of financial technology companies in the country. Notably, the Egyptian market has witnessed a substantial surge in digital transactions, with 212 million transactions conducted via mobile wallets, amounting to 250 billion pounds, and 110.6 million transactions through electronic payment points, totaling 108 billion pounds.
The burgeoning presence of emerging FinTech companies in Egypt serves as a testament to the state’s and the Central Bank’s unwavering commitment to fostering financial inclusion and promoting non-cash payments. The number of these companies has skyrocketed from 32 in 2017 to a remarkable 177 by the end of 2022.
The launch of SuperPay is a momentous occasion in Egypt’s financial technology journey. Its establishment is poised to have a positive and lasting impact on the nation’s economy, further solidifying the pivotal roles played by Banque Misr and Etisalat in driving economic development.
Partnerships between the public and commercial sectors have helped Egypt’s financial technology sector flourish, supporting innovation and economic prosperity. The collaboration of Banque Misr and Etisalat from &e demonstrates their commitment to increasing financial inclusion in Egypt, a key goal of the country’s overall efforts.
SuperPay is committed to delivering cutting-edge financial solutions, catering to individuals, businesses, and retailers through a comprehensive platform. Their services encompass cash payments, electronic wallet transactions, and electronic point-of-sale payments, in addition to bill payment services. SuperPay’s ambitions extend beyond this, as they plan to introduce a diverse range of innovative products and services to enhance the electronic payment experience.
Hazem Metwally, the CEO of Etisalat in Egypt, has expressed his great enthusiasm for the launch of SuperPay. He has underscored Etisalat’s ambitious vision to evolve into a technology-driven company that offers a wide range of digital services, including the expansion of financial services for both corporate and individual clients. This innovative integration of technology, communication services, and financial solutions signifies a significant milestone in the Egyptian market.
Akef Al-Maghrabi, the Vice Chairman of the Board of Directors of Banque Misr, shares in this excitement and has emphasized their commitment to aligning their strategy with Egypt’s Vision 2030. Together, they are dedicated to strengthening financial services and supporting the digital payments sector. Their collaborative efforts aim to promote financial inclusion and make appropriate financial solutions accessible to a broader cross-section of society.
The collaboration between Etisalat and Banque Misr represents a significant strategic step forward, bolstering Egypt’s digital financial services industry. This partnership leverages Etisalat’s technological proficiency alongside Banque Misr’s deep-rooted banking knowledge to deliver advanced and secure financial solutions, with a primary focus on safeguarding customer data and ensuring data security.
Etisalat in Egypt, denoted as &e, holds a unique position as a frontrunner in driving digital transformation. They boast the most cutting-edge network infrastructure in the country and have a proven track record of delivering innovative technological solutions. Their primary focus lies in elevating productivity and contributing significantly to the overarching objective of enhancing financial inclusion in Egypt.
On the other hand, Banque Misr stands as Egypt’s second-largest bank, boasting a substantial market share of 18.2% in assets, 17.6% in loans, and 20.1% in deposits as of the end of September 2022. With its inception dating back to 1920, this financial institution is noteworthy for its 100% state ownership.
