The National Bank of Egypt (NBE) has launched a B2B electronic payment service that includes collection and payment tools for use by businesses of all sizes, The Daily News Egypt reported on Saturday (November 27th).
NBE’s new platform includes corporate credit cards, corporate debit cards, and automated payments and receipts, and is intended to help businesses transactions with wholesalers, retailers and entrepreneurs, according to The report.
The platform was launched by the NBE in cooperation with the Eastern Company, and it follows plans by the Central Bank of Egypt (CBE) to reduce the country’s cash use and expand inclusion financial, according to the report.
On November 8, CBE announced that it had approved regulations allowing Egyptian residents to make instant electronic payments between bank accounts using their mobile phones.
Read more: Central Bank of Egypt approves regulations on instant payments
In the same statement, CBE announced a new network that will be launched by the end of the year, allowing bank customers to manage their bank accounts and complete transfers with any bank through a single app.
“Customers will be able, via the new network, to make transfers in seconds, on weekdays and on public holidays using various electronic payment tools issued by Egyptian banks,” said central bank vice-governor Rami Aboul. Naga in the statement, according to a Reuters report.
In September, CBE gave the green light to licenses that will allow merchants to accept contactless payments from mobile phones.
Read more: Egyptian central bank approves merchant licenses for contactless payments
Reuters reported on the announcement on September 26, noting that the bank had not specified when the new system would go into effect or which companies would be eligible for the licenses.
The article noted that new laws and regulatory changes in Egypt, the most populous nation in the Arab world, have resulted in increased investment in FinTech, while also changing the way residents of the country, most of whom are not. banked, conduct their business.