Egypt, one of the prominent countries of the MENA region has already set its foot on a cashless economy with the help of digital banking. The customer diaspora in Egypt is looking for banking services anytime anywhere. As a result, flexible banking has become the need of the hour. A delightful customer experience is the prime focus of Egyptian banks today.
As growing number of millennials in Egypt resort to their mobile handsets, to avail the benefits of flexible banking, the fintech growth environment is becoming more robust.
Egypt’s high mobile penetration rate, large pool of unbanked citizens and considerably huge youth population has promoted massive growth in the fintech industry in the last five years. Already 12 Egyptian banks have implemented mobile wallets into their financial systems and many more are in the league. It is expected that in the days to come traditional banks will give way to digital banks which in turn will reduce the operational costs by 30%.
In spite of political and economic upheaval the fact that Egypt is catching up with the digital disruption in the financial sector can be understood from the emergence of mobile transaction platforms like Fawry and DCB Egypt. Customer behavior is undergoing a radical shift through the convenience benchmarks set by such FinTechs for banks to tap into immense untapped opportunities.
Going forward, the relevance of traditional financial institutions is at stake because of the steady growth of the fintech industry. The only survival strategy at the moment is to opt for collaboration wherein both the bodies extract each other’s synergies and the final benefit goes out to the end customers achieving digital transformation
However, it is just the tip of the ice-berg, the growth opportunities for investors, consumers, and businesses are immense. Now is “the time” to tap the Egyptian market and bring about a digital disruption in the country.
To understand the Egyptian Digital Banking Landscape in detail, download the Inside Egypt 2020 report.