Egypt’s Banque du Caire launches its first digital payment company for POS

Banque du Caire (BdC), Egypt’s third largest public state-lender intends to launch first digital payments company specialised in deploying Point of Sale (POS) machines, its head of the retail banking sector Mohamed Tharwat said.

The POS machines expected to publish during the recent period or next month at latest as the bank seeks to deploy more than one other machine through the new company, Tharwat told Amwal Al Ghad on Thursday.

The bank’s retail banking portfolio recorded 42 billion Egyptian pounds by the end of the first half of 2022, while the micro-enterprise portfolio reached 6 billion pounds, Tharwat added.

The number of electronic POS increased to 188,429 thousand machines by the end of June 2022, compared to 177.350 thousand in December 2021, Central Bank of Egypt (CBE) revealed.

This is in contrast to 673,514 private electronic POS machines owned by companies that play service facilitator role for electronic payment operations and contractors with 4 banks affiliated with the banking system.