Egypt: CBE launches web portal for mobile phone wallet management

CBE launches electronic portal to manage mobile phone wallet accounts [Image:couretesy]
Egypt—International reserves (NIRs) for Egypt rose slightly in December to reach $40.93 billion, up from the $40.90 billion recorded in November, the Central Bank of Egypt (CBE) announced on Wednesday.

This has resulted in (CBE), in collaboration with the National Telecom Regulatory Authority (NTRA), launching on Wednesday an online portal for managing mobile phone wallet accounts.

Also, it can be attributed to the rise in special drawings reserves, which recorded $4.228 billion, up from November’s $4.222 billion, according to the CBE.

Outside country currency reserves also jumped in December to reach $34.05 billion, up from the $34.03 billion reached in November.

Egypt’s NIRs are expected to jump to $43 billion by the end of the first quarter (1Q) of 2022, according to Trading Economics (TE).

TE projects Egypt’s NIRs to trend around $46.5 billion in 2023, which exceeds pre-pandemic levels, when Egypt recorded $45.5 billion in February 2020.

Rami Abul-Naga, CBE deputy governor noted that the move of launching mobile phone wallet accounts is in line with the state’s strategy of promoting financial inclusion and shifting towards a digital economy that is less reliant on cash.

He also said that the online portal is a new addition to Egypt’s national payment system Meeza that is managed by the Egyptian Banks Company, adding that it will have a positive impact on the mobile phone as a payment service market as well as digital payments in general.

According to Nasr, Mobile phone wallet accounts grew by 27 percent in 2021 to record 25 million wallets compared to 2020.