Banque Misr, a prominent Egyptian bank known for its leadership in electronic payment solutions, has joined forces with Etisalat Misr, a major telecommunications company, to introduce SuperPay, an advanced electronic payment technology firm. This collaboration between Banque Misr, a significant financial institution, and Etisalat, a telecom giant, represents a crucial milestone in Egypt’s journey to enhance its financial technology sector.

Akef Al-Maghrabi, Vice President of Banque Misr, underscored 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. By mid-2023, Banque Misr had successfully deployed over 500,000 electronic payment machines across Egypt, demonstrating their dedication to advancing technology in the financial sector.

Al-Maghrabi also highlighted the remarkable increase in the number of collection contractor clients and the scale of transactions processed through their online payment gateway. In the first half of 2023, these figures had surged by an impressive 100% compared to the same period in 2022. The bank had also established key collaborations with leading global industry players, streamlining payment systems across various sectors, including transportation, aviation, real estate development, retail sales, and insurance.

The partnership between Banque Misr and Etisalat Misr not only advances Banque Misr’s vision of a cashless society but also introduces SuperPay, a forward-thinking partnership set to deliver cutting-edge digital solutions. These solutions include mobile top-up services, bill payments, merchant services, and an online payment platform, with plans for expansion into agent banking, microfinance, and payroll advances.

One of SuperPay’s ambitious goals is to deploy over 190,000 electronic payment machines across Egypt within the next five years, replacing traditional cash transactions with electronic payments and 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 emphasized that companies like SuperPay benefit the electronic payment sector by spurring technological advancements and creating opportunities for young professionals, aligning with the national strategy aimed at boosting economic growth.

SuperPay’s introduction represents a significant turning point in Egypt’s financial technology landscape, driven by the commitment of two powerhouse entities, Banque Misr and Etisalat Misr, dedicated to transforming payment methods in Egypt.

Banque Misr’s vision of a cashless society aligns with the support of the Central Bank, which reported a significant increase in financial inclusion in Egypt, reaching 64.8% in 2022, largely attributed to the growth of financial technology companies. Egypt 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 rise of emerging FinTech companies in Egypt reflects the government’s and Central Bank’s commitment to fostering financial inclusion and non-cash payments. The number of these companies has increased 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, poised to have a lasting positive impact on the nation’s economy, reaffirming the pivotal roles played by Banque Misr and Etisalat in driving economic development.

Partnerships between the public and commercial sectors have supported Egypt’s financial technology sector, fostering innovation and economic prosperity. The collaboration between Banque Misr and Etisalat demonstrates their commitment to increasing financial inclusion in Egypt, a key goal of the country’s overall efforts.

SuperPay is dedicated to delivering cutting-edge financial solutions for individuals, businesses, and retailers through a comprehensive platform, encompassing cash payments, electronic wallet transactions, electronic point-of-sale payments, and bill payment services. Their ambitions extend beyond this, with plans to introduce a range of innovative products and services to enhance the electronic payment experience.

Hazem Metwally, the CEO of Etisalat in Egypt, has expressed great enthusiasm for the launch of SuperPay, underscoring Etisalat’s ambitious vision to become a technology-driven company offering a wide range of digital services, including expanded financial services for both corporate and individual clients. This integration of technology, communication services, and financial solutions signifies a significant milestone in the Egyptian market.

Akef Al-Maghrabi, Vice Chairman of the Board of Directors of Banque Misr, shares in this excitement and emphasizes their commitment to aligning their strategy with Egypt’s Vision 2030, strengthening financial services and supporting the digital payments sector 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 by leveraging 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, with cutting-edge network infrastructure and a proven track record of delivering innovative technological solutions aimed at 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. Established in 1920, this 100% state-owned financial institution plays a pivotal role in Egypt’s financial landscape.