Egypt’s Payments Transformation: A Regional Hub in the Making

Egypt is rapidly emerging as a regional payments hub, transforming from a cash-heavy economy into a digital finance leader. Once dominated by cash transactions as recently as 2022, the country has since embraced digital payments, driven by bold government initiatives, rising fintech adoption, and a population eager for financial inclusion. With a thriving remittance market, a surge in mobile wallets and real-time payments reshaping both consumer and business transactions, Egypt is positioning itself at the heart of the Middle East and Africa’s fintech revolution.

Thunes_Egypt Payments-2025_Infographic_Country glance
In this article, we’ll examine:

Government initiatives driving digital adoption
Cross-border payments & remittances: A critical lifeline
Digital wallets: Egypt’s expanding mobile payment ecosystem
Ecommerce boom: The catalyst for digital payments
Real-time payments: The InstaPay revolution
Egypt vs. regional peers: A rising payments leader
Egypt’s digital payments future
Government initiatives driving digital adoption
Egypt’s digital payments revolution has been largely driven by proactive government policies aimed at reducing cash dependency. In 2017, the National Payments Council, chaired by the country’s President, spearheaded Egypt’s digital finance agenda. Key initiatives include the introduction of cashless transaction laws requiring government entities to accept electronic payments and regulatory frameworks introduced by the Central Bank of Egypt (CBE) to foster the fintech revolution. These efforts have created a solid foundation for a more inclusive and technology-driven financial ecosystem.

The Central Bank of Egypt (CBE) has played a crucial role in this progress, launching targeted initiatives to expand access to financial services. For example, it amended regulations to lower the minimum age for opening bank accounts from 16 to 15 years, aligning it with the age for obtaining a national ID, an important step in expanding financial access among youth.

Egypt launched its first national payment network, Meeza, in 2019 to bridge the financial inclusion gap. Designed as a prepaid card solution for the unbanked, Meeza has provided millions with access to digital payments. In parallel, the government introduced a QR-code payments system, enabling small businesses to accept digital transactions without the need for costly traditional point-of-sale infrastructure.

As of the end of 2024, Egypt’s population aged 15 and above, the demographic eligible to open financial accounts, stood at approximately 69.6 million individuals. Among them, around 52 million were actively using transaction accounts, resulting in a financial inclusion rate of 74.8%, up from just 27% in 2016.

Cross-border payments & remittances: A critical lifeline
Thunes_Egypt Payments-2025_Infographic_remittance data
Egypt is one of the world’s top remittance recipient markets, with its vast diaspora particularly in the Gulf, sending billions home annually. In 2024, remittance inflows totalled $22.7 billion, contributing approximately 5% of the country’s GDP and serving as a vital economic pillar.

To modernise cross-border payments, Egypt joined Buna, the Arab Monetary Fund’s regional payment system, enabling faster and more cost-effective international transfers. Leading banks have also partnered with fintech innovators to streamline remittances. For example, the National Bank of Egypt collaborated with UAE-based LuLu Exchange to leverage RippleNet’s blockchain technology, enhancing transaction speed and reducing costs.

With the CBE integrating instant remittance settlements into Egypt’s real-time payments network, expatriates can now transfer funds to local bank accounts within seconds through exchange houses in the GCC region. This advancement strengthens Egypt’s role as a key payments gateway between the Middle East and Africa.

Mobile wallets: Egypt’s expanding mobile payment ecosystem
Thunes_Egypt Payments-2025_Infographic_mobile wallets data
The rise of mobile wallets has been a game-changer in Egypt’s digital finance transformation, enabling millions to seamlessly send money, pay bills and shop online.

Mobile-backed wallets dominate the market, following a model similar to East Africa’s M-Pesa. Vodafone Cash leads with 8.2 million users, handling 62.7% of Egypt’s mobile wallet transactions. Orange Cash holds a 25% market share, while Etisalat Cash and WE Pay continue to grow.

Beyond mobile wallet solutions, Egyptian banks are also driving innovation. Phone Cash (National Bank of Egypt) and BM Wallet (Banque Misr) offer bill payments and merchant transactions, complementing a broader wallet ecosystem that has become the country’s fastest-growing payment method over the past decade. Adoption is especially strong among younger Egyptians, driven by simple onboarding, requiring only a national ID issued at age 16, and high accessibility. While each mobile number (MSISDN) can be linked to just one wallet provider, individuals can register up to three wallets across different numbers. Meanwhile, fintech giant Fawry, with over 35 million users, integrates mobile payments with e-commerce, leveraging its vast nationwide payment network.

Digital wallets are seeing rapid adoption and growing relevance, significantly expanding access to the previously unbanked, even as cash remains dominant across much of the economy.

Ecommerce boom: The catalyst for digital payments
Thunes_Egypt Payments-2025_Infographic_ecommerce data
The rise of digital payments has fuelled Egypt’s ecommerce growth, driving a shift toward a more cashless retail landscape. Traditionally, Egyptians relied more on cash-on-delivery payment methods due to low card penetration and financial literacy. However, the adoption of mobile wallets and secure online payments has reshaped consumer behaviour.

Egypt’s ecommerce market is expanding rapidly and is projected to reach $11.45bn by 2029. Leading platforms like Amazon Egypt, Jumia and Noon have integrated mobile wallet payments, while local businesses increasingly adopt digital checkout solutions.

Government-led digitisation efforts, such as online import duty payments, have further strengthened confidence in digital transactions. As more merchants embrace online-first strategies, Egypt’s ecommerce ecosystem is poised for sustained growth.

Source: https://www.techinafrica.com