Egypt ready for change in a cash economy

Financial services companies are targeting millions of Egyptians one mobile at a time in a race to grab a slice of one of the world’s largest unbanked populations.

Planning a trip to the Great Pyramids in Giza? Cash is necessary to pay the entrance fee into the only existing wonder of the ancient world. Forgot to stop by the bank on your way to the Egyptian Museum? Then you will not be walking through the halls filled with pharaonic artefacts.

Most of Egypt’s businesses are cash-only operations, including much of the multibillion-dollar tourism industry.

It is estimated that about 94 per cent of financial transactions in Egypt are done using cash. And only about 35 per cent of the 82 million Egyptians have access to a bank account, according to MasterCard.

Despite more than half of the population being without access to any form of traditional banking, nearly 98 per cent of Egyptians have a mobile phone – a ripe climate for mobile banking. This has resulted in various payment methods being offered.