Banque du Caire to launch its Tally e-payments arm by year-end

State-owned Banque du Caire will roll out its new e-payments arm, dubbed “Tally”, by the end of this year, a source familiar with the matter at the bank told Enterprise. The bank has finished setting up the new entity and already obtained the necessary approvals from the Central Bank of Egypt (CBE) and regulatory authorities, the source added. We still don’t have a lot of details about the new entity, but the source said it will facilitate transactions made over POS systems.

Background: BdC first announced its plan to set up a digital arm last September, and is reportedly looking to partner with a foreign investor. The bank received approval from the central bank last year.