{"id":567815,"date":"2020-12-08T04:02:40","date_gmt":"2020-12-08T04:02:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/08\/central-bank-extends-pos-drive\/"},"modified":"2020-12-08T04:02:40","modified_gmt":"2020-12-08T04:02:40","slug":"central-bank-extends-pos-drive","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/08\/central-bank-extends-pos-drive\/","title":{"rendered":"Central bank extends PoS drive"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>The Central Bank of Egypt is pushing ahead with a plan to have 1 mn point of sale <\/strong><strong>machines in use nationwide within three years<\/strong>, CBE Deputy Governor Rami Aboul Naga <a href=\"https:\/\/ent.news\/2020\/12\/Press-Release-POS-Initiative-002.pdf\">said yesterday (pdf)<\/a>, positioning the move as part of the bank\u2019s drive to bring more people into the formal financial system and cut back sharply on the use of cash.<\/p>\n<p><strong>The central bank launched a drive <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e22312fd-047a-4f50-acd8-fd815fa29277\">earlier this year<\/a><\/strong> to finance commercial banks\u2019 purchase and distribution of 100k PoS machines. Banks have surpassed the initial target and deployed 156k machines, taking the total number of terminals to 356k. The CBE will also begin this month distributing another 100k to remote areas and underserved governorates, Aboul Naga said. The bank now aims to finance the distribution of 300k machines under the ongoing initiative, which is costing the CBE some EGP 1 bn, he added. The program builds on a policy announced <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/19\/cbe-plans-to-increase-electronic-pos-around-egypt-to-1-mn-from-72-5k-by-2021\/\">back in 2018<\/a> that aimed to encourage the use of PoS machines in retail nationwide.<\/p>\n<p><strong>The CBE will also continue to <\/strong><strong>promote QR Codes until June 2021<\/strong>, Sub-Governor Amany Shams-Eldin said. The promotion plan involves granting banks that allow clients to pay bills and transfers by scanning a QR code a 0.5% bonus on their total transactions and awarding merchants EGP 3k for every 150 new QR codes scanned. The incentives were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e22312fd-047a-4f50-acd8-fd815fa29277\">previously planned<\/a> to be valid only until this month.<\/p>\n<p><strong>Background: <\/strong>The plan to increase the number of PoS machines is part of the government\u2019s transition toward financial inclusion and a cashless economy. It\u2019s also the mandate of the National Council for Payments, which was set up <a href=\"https:\/\/www.cbe.org.eg\/ar\/Pages\/HighlightsPages\/%D9%83%D8%AA%D8%A7%D8%A8--%D8%A8%D8%AA%D8%A7%D8%B1%D9%8A%D8%AE-7-%D9%8A%D9%88%D9%86%D9%8A%D9%87-2017-%D8%A8%D8%B4%D8%A3%D9%86-%D8%A7%D9%86%D8%B4%D8%A7%D8%A1-%D8%A7%D9%84%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D9%82%D9%88%D9%85%D9%8A-%D9%84%D9%84%D9%85%D8%AF%D9%81%D9%88%D8%B9%D8%A7%D8%AA-%D9%88%D9%85%D8%A7-%D9%86%D8%AA%D8%AC-%D8%B9%D9%86%D8%A9--%D8%AE%D9%81%D8%B6-%D8%A7%D9%84%D9%85%D8%B5%D8%A7%D8%B1%D9%8A%D9%81-%D8%A7%D9%84%D8%AE%D8%A7%D8%B5%D8%A9-%D8%A8%D8%AE%D8%AF%D9%85%D8%A7%D8%AA-%D8%A7%D9%84%D9%87%D8%A7%D8%AA%D9%81-%D8%A7%D9%84%D9%85%D8%AD%D9%85%D9%88%D9%84.aspx\">in 2017<\/a> by President Abdel Fattah El Sisi.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Egypt is pushing ahead with a plan to have 1 mn point of sale machines in use nationwide within three years, CBE Deputy Governor Rami Aboul Naga said yesterday (pdf), positioning the move as part of the bank\u2019s drive to bring more people into the formal financial system and cut back [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":567816,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9918],"tags":[271,72,7087,290,183],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-inclusion","tag-central-bank-of-egypt","tag-enterpriseam","tag-finance","tag-financial-inclusion","tag-fintech","wpautop","entry"],"acf":{"mongo_id":"10f61103-513a-40cf-9866-673aa294e387","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/156.jpg","photo_position":"above","related_issue":[567806],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The CBE will give\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572044,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/09\/briefly-noted-cbes-pos-machines-emaar-misr-says-cairo-gate-isnt-new-sika-closes-bitumode-acquisition\/","url_meta":{"origin":567815,"position":1},"title":"BRIEFLY NOTED- CBE\u2019s POS machines, Emaar Misr says Cairo Gate isn\u2019t new, Sika closes Bitumode acquisition","author":"enterpriseam admin","date":"9 June 2020","format":false,"excerpt":"BRIEFLY NOTED- It will cost the central bank EGP 500-600 mn to finance the cost of rolling out 100k point-of-sale machines nationwide, Al Mal. The machines are rolling out as part of the CBE\u2019s digital push. The CBE is also giving incentives to banks that promote POS payments.Emaar Misr has\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595779,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/cbe-to-launch-interest-rate-swaps-between-banks-in-october\/","url_meta":{"origin":567815,"position":2},"title":"CBE to launch interest rate swaps between banks in October","author":"enterpriseam admin","date":"6 August 2019","format":false,"excerpt":"CBE to launch interest rate swaps between banks in October: The Central Bank of Egypt (CBE) is planning to introduce a new mechanism allowing banks to set up overnight indexed swap (OIS) agreements after launching the new no-risk Cairo Overnight Interbank Average (CONIA) in October, CBE Sub Governor Rami Aboul\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":637412,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/15\/usd-3-1-bn-extended-financial-repo-transactions-carries-same-collateral\/","url_meta":{"origin":567815,"position":3},"title":"USD 3.1 bn extended financial repo transactions carries same collateral","author":"enterpriseam admin","date":"15 November 2017","format":false,"excerpt":"USD 3.1 bn extended financial repo transactions carries same collateral: The USD 3.1 bn expanded financial agreement with global banks secured as part of a repurchase (repo) transaction in 2016 carried the same collateral and came with favorable terms, CBE Sub-Governor Rami Aboul Naga said in a phone interview with\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561472,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/08\/more-financial-inclusion-for-pensioners-paytabs-valu-services-coming-to-lulu\/","url_meta":{"origin":567815,"position":4},"title":"More financial inclusion for pensioners + PayTabs, valU services coming to LuLu","author":"enterpriseam admin","date":"8 April 2021","format":false,"excerpt":"Pensioners will soon have access to \u201cnew electronic channels\u201d to receive and use their monthly payments under an MoU the Central Bank of Egypt (CBE) signed with the National Telecom Regulatory Authority (NTRA), according to a joint statement (pdf) yesterday. The CBE-led initiative will allow more pensioners to use local\u2026","rel":"","context":"In &quot;Finance&quot;","block_context":{"text":"Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561112,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cbe-to-provide-egp-1-bn-to-set-up-new-egx-fund\/","url_meta":{"origin":567815,"position":5},"title":"CBE to provide EGP 1 bn to set up new EGX fund","author":"enterpriseam admin","date":"25 March 2021","format":false,"excerpt":"A fund created yesterday to boost trading volumes on the EGX is getting EGP 1 bn as a preliminary allocation from the Central Bank of Egypt (CBE), CBE Deputy Governor Rami Aboul Naga tells Asharq Business. The allocation for the fund, which the Financial Regulatory Authority gave the green light\u2026","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/311.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=567815"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567815\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/567806"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/567816"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=567815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=567815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=567815"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=567815"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=567815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}