Visa plans expansion in Egypt

Visa plans to boost its investments in Egypt, with a focus on digital transformation and expanding the use of electronic payments across key sectors, including public transport and social services, according to company CEO Ryan McInerney.

The announcement came during a meeting between Egyptian Prime Minister Moustafa Madbouly and Visa delegation to review the company’s investment plans for the coming period.

McInerney outlined plans to expand the Citizen Card (Unified Services Card), which bundles food subsidies, universal health insurance, and digital payment functions, following a successful pilot in Port Said.

He further presented a proposal to use Visa+ technology to enhance foreign currency (FX) inflows by streamlining remittances from Egyptians living abroad. In addition, the company intends to integrate electronic payments into the country’s transport system, including trains and buses.

For his part, Prime Minister Madbouly called for the proposal to be reviewed in coordination with the Central Bank of Egypt (CBE) and relevant government agencies, noting that the initiative would help accelerate Egypt’s financial inclusion goals.

The prime minister also reiterated the government’s commitment to supporting businesses operating in Egypt, and highlighted an upcoming forum at the end of May that will bring together US and Egyptian companies to explore investment opportunities and incentives.

Moreover, CBE Governor Hassan Abdalla underscored the strength of the partnership with Visa, pointing to Egypt’s rapid progress in digital banking services and the resulting benefits for citizens. He noted that Egyptians can now carry out financial transactions more efficiently and at lower cost, thanks in part to collaboration with global technology leaders.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama