CBE plans to increase electronic POS around Egypt to 1 mn from 72.5k by 2021

The Central Bank of Egypt plans to increase the number of electronic points of sale around the country to one mn from a current 72.5k by 2021, CBE Sub-Governor for Payment Systems and Business Technology Ayman Hussein tells Al Mal. The CBE is eyeing targeting increasing electronic transactions to 10% from a current 2% of total transactions over the next three years. The plan, which will extend to both card and quick response (QR) code payments, is part of the government’s transition toward financial inclusion and a cashless economy.