CBE aims to launch card tokenisation system in Q1-25

The Central Bank of Egypt (CBE) is set to introduce the card tokenisation system in the first quarter of 2025, assistant sub governor for payment systems and services, Ehab Nasr said on Monday.

Speaking to reporters on the sidelines of Cairo ICT, Nasr revealed that the licensing process for activating the card tokenisation system had been completed for all banks and companies.

The CBE has been actively working on building a robust digital infrastructure since 2016, which contributed to increasing financial inclusion from 27 per cent to 71.5 per cent, he noted. This was accompanied by a significant growth in digital payments, with over 65 million electronic payment cards and 47 million mobile wallets currently in circulation.

He also highlighted that the InstaPay real-time payment network has become a leading system, thanks to its advanced infrastructure and security measures. In 2021, it recorded 1 billion transactions worth 7 trillion Egyptian pounds, and it is expected to reach 6 billion transactions worth 22 trillion pounds by 2024.

In 2023, CBE issued regulations for payment card tokenisation to drive digital payments innovation and support the transition to a cashless society.

By introducing card tokenisation system, the CBE aims to further strengthen the security of online transactions and foster a more secure, convenient, and seamless digital payment ecosystem.

Attribution: Amwal Al Ghad Arabic