The National Bank of Egypt (NBE) has launched a B2B electronic payment service that includes collection and payment tools meant for use by businesses of all sizes, The Daily News Egypt reported Saturday (Nov. 27).
NBE’s new platform includes corporate credit cards, corporate debit cards, and automated payments and receipts, and is meant to help businesses’ transactions with wholesalers, retailers and contractors, according to the report.
The platform was launched by NBE in cooperation with the Eastern Company, and it follows the Central Bank of Egypt’s (CBE) plans to reduce the country’s use of cash and expand financial inclusion, the report said.
On Nov. 8, CBE announced it had approved regulations that enable residents of Egypt to make instant electronic payments between bank accounts using their mobile phones.
In the same statement, CBE announced a new network that will launch by the end of the year, allowing bank customers to manage their bank accounts and finalize transfers with any bank through one app.
“Customers will be able, through the new network, to complete transfers within a few seconds, on weekdays and during official holidays using various electronic payment tools issued by Egyptian banks,” central bank deputy governor Rami Aboul Naga said in the statement, according to a Reuters report.
In September, CBE gave the green light to licenses that will let merchants accept contactless payments from mobile phones.
Reuters reported the announcement Sept. 26, noting that the bank did not say how soon the new system would go into effect or which businesses would be eligible for the licenses.
The story noted that new laws and changes in regulations in Egypt, the most populous nation in the Arab world, have led to a surge in FinTech investments, while also changing the way the country’s mostly unbanked residents conduct business.