COUNTRY FOCUS: EGYPT
Bank like an
Egyptian: Sector can
walk the talk
The banking and finance sector in Egypt is going through a transformation with a move
away from legacy systems and a rapidly changing payments landscape. Without doubt
the emerging sector is becoming more agile and efficient, strategic partnerships are being
formed, new products launched and more flexible payment platforms introduced.
I
t may surprise some but Egypt is
currently one of the most popular
locations for fin-tech start-ups,
competing with supposedly more
progressive countries like the UAE. It is
also rapidly moving towards a cashless
society and is seeking to reach sections
of the community previously untapped
by the sector.
Making ever larger strides into the
Egyptian national psyche - individual
banks now even have the clout to make
official agreements with English premier
league clubs – the sector is embarking
on an avalanche of ambitious
partnerships, not just between
organisations in the finance sector but
with other verticals.
The country has also seen a substantial
increase in the use of mobile payment
services, while technology helps
millions of Egyptian access their money
through ATMs.
44
INTELLIGENTCIO
Volante Technologies and North
African payments expert eVision
announce partnership
Volante Technologies Inc, a global
provider of software for the integration,
processing and orchestration of payments
and financial messages on premise
or as a cloud service, has announced
its partnership with eVision to deliver
efficient and agile payment solutions
across the Egyptian and North African
banking and finance markets. eVision
is a leading software solution provider
in North Africa with a strong presence
in Egypt that focuses on solutions to
help clients with payments, financial
transaction dispute management, anti-
money laundering and SWIFT message
archiving and workflow.
Through interactions with its local client
base, eVision recognised a growing
appetite for the latest payments
processing technologies. After rigorous
evaluation, eVision chose Volante
to address their clients’ needs in the
payments market in an efficient and
agile manner.
Many banks in Egypt still rely on legacy
systems for their payment and remittance
“Market participants ... need tools to
create more agile, efficient systems
meeting the needs of a changing and
dynamic payments landscape.”
www.intelligentcio.com