Egypt’s fintech is expected to witness significant growth over the year thanks to government efforts: Taly’s CEO – Markets and Companies – Business
Ahram Online: How do you perceive Egypt’s fintech growth in recent years, and how do you project it going forward?
Magdy Hassan: The Egyptian market is one of the most promising in the region. The fintech industry is expected to witness significant growth in the coming years due to the extensive efforts of the government, the Central Bank of Egypt and the private sector.
This effort has gained momentum in recent years. We can see their results showing in digital payments and e-commerce becoming the new normal and fintech becoming a complementary pillar of the financial industry.
The volume of electronic transactions in the Egyptian market increased to more than EGP 6.4 trillion in 2022, up from EGP 4.2 trillion in 2020.
In addition, the volume of e-commerce transactions also increased to EGP 3.5 billion, compared to around EGP 800 million in 2020, with a growth rate of around 337.5 percent.
Furthermore, the number of point-of-sale (POS) machines witnessed an unprecedented jump to exceed 800,000 units and the total number of electronic wallets increased to 26 million.
Also, the volume of e-commerce in Egypt has reached $6 billion via payment cards, whether credit or debit, according to the Internal Trade Development Authority, and this percentage is expected to double in the next few years.
However, the need for a digital payment solution must still be met. Most financial transactions remain in cash as the digital chain breaks and the demand for convenient and instant e-payments continues to increase. This growing demand proves the existence of many untapped opportunities in the fintech sector.
Knowing that such a gap exists, Taly seeks to support the sector’s growth and set the stage to further accelerate the digital payments revolution by enabling different sectors to integrate innovative digital payment and collection solutions.
AO: How would Taly be a game changer in the market?
MH: By establishing Taly’s full-fledged platform, we focused our efforts on providing exceptional digital payment and collection services introduced in the Egyptian market. We ensured that Taly’s platform can accommodate all stakeholders and connect them via an uninterrupted digital flow while offering them a seamless and immediate digital experience.
As a digital catalyst, we play the role of a technology ally that aims to lead a true digital transformation and accelerate the transition to a cashless society. Our digital ecosystem is supported by one of the largest digital infrastructures in the MENA region, an infrastructure we leverage to enable our customers from banks, merchants, enterprises, consumers and fintechs.
Taly offers a well-rounded digital solution for instant payment acceptance and collection, where businesses and merchants are able to manage, control and settle all their payments instantly. At the same time, Taly helps sellers expand their business online through e-commerce with practical digital solutions, as well as obtain digital financing through banks and financing companies.
Taly offers a wide range of digital solutions such as tokenization, where customers can use their phones as an alternative to plastic cards. In addition, Taly offers unique card features that enable customers to control their cards in real time and monitor personal and family cards. These special features include setting withdrawal limits and controlling where the cards will be used through a secure mobile application without contacting the bank.
Taly also provides banks and financial institutions with an integrated platform to manage and offer their buy-now-pay-later (BNPL) services, where they can provide credit and collect installments digitally. Taly also helps BNPL suppliers make the right credit decisions and determine the scope of financing, using analytics provided by Taly’s integrated platform. When it comes to fintech, Taly is committed to empowering them to implement innovative ideas through appropriate infrastructure and Taly’s products and services.
AO: What do you recommend for a healthier fintech atmosphere in the local market?
MH: The Egyptian economy is one of the world’s most dynamic, with a growing financial technology and innovation sector. This makes it imperative that fintech companies work together in healthy competition to achieve digital transformation, reduce reliance on cash and create an integrated digital ecosystem. This will significantly advance Egypt’s Vision 2030 and achieve leadership in digital transactions.
To ensure this progress is made, Taly offers a complete suite of products, services and smart infrastructure solutions to support fintechs, help them materialize their innovations and turn them into effective digital financial products. We also enable all stakeholders and empower them to deliver the best customer experience as we believe the real competition is against cash.
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