Tarek El kholy: saib's InstaPay Transactions Soar to EGP7 Bn
First Bank
Tarek El-Kholy, the president of saib, stated that the volume of the bank's transactions through the "InstaPay" has reached approximately EGP7 bn so far.
He mentioned this during his speech at the 17th edition of the People and Banks Conference on October 25, emphasizing the significant importance placed by the central bank on developing digital services in the banking sector.
El-Kholy highlighted the surge in Egypt's payment market, with an increase in the number of point-of-sale terminals and mobile wallets, reaching 30 million cards.
He also noted the growth of internet banking and mobile banking, with 14 million internet banking customers and 13 million mobile banking customers within or outside Egypt.
Additionally, he mentioned that there are around 24 million credit cards, with prepaid card transactions totaling $30 mn, and credit card transactions reaching $5 mn.
El-Kholy further stated that there are approximately 22,000 ATMs and 30 million mobile wallets. He emphasized the financial inclusion rates, reaching 67.3%, and highlighted the importance of maintaining the quality and continuity of services provided in the sector.
