Banks Seek More Advanced E-Payment Services: Mohamed Barakat

The banking sector is now turning to depend on more advanced payment services so as to reduce risks of losing cash amid the current security chaos, said Mohamed Barakat, chairman of Banque Misr.

Through digital and electronic payment services, mortgage loans were offered and salaries for about 6.5 million employees were paid as of the end of last year as well as EGP 8.5 billion worth of customs duties and EGP 8 billion worth of taxes were paid.

Barakat stated that the banking sector’s assets rose to EGP 1.360 billion in the last ten years, compared to EGP 615 billion in 2003. Throughout the last decade, banks financed 70,000 housing units as well as supported small and medium-sized enterprises (SMEs) as they play important role in boosting national economy and creating many job opportunities, he added. In addition, EGP 16 billion worth of transactions were conducted through 37,000 ATMs.

Instead of resorting to a temporary solution such as borrowing, the government shall encourage tourism and investments in the country in order to boost the national economy which has been hit by the turmoil that followed 2011’s revolution, he concluded.