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LONDON, 7 October 2015 — Despite being the most populated country in the Middle East, and the third-most populated in the African continent, Egypt remains an untapped market, with only about 10 percent of the adult population having access to financial services.
"There has been a growing demand for payment cards in Egypt as a substitute for cash, particularly among those aged between 25 and 35" observed Lafferty Group's head of research, Phathisani Khumalo. "The usage of payment cards is rising in Egypt, predominantly due to declining security concerns over card payments."
One of the recent trends in the Egyptian credit cards market has been the increase in the number of Premium cards, which generate high revenues and carry comparatively low risk, in circulation. Banks have been launching a number of Premium and co-branded credit cards in an attempt to attract affluent customers.
Although cash remains the predominant payment method in Egypt, major players in the market are taking various initiatives to increase non-cash payments in the country. In March 2015, MasterCard signed a Memorandum of Understanding (MoU) with the Egyptian government to roll out a digital ID programme that would link the national ID of Egyptian citizens to a mobile money platform.
The Lafferty Global Research report for Egypt provides a comprehensive overview of the cards, payments and consumer banking market in the country together with invaluable market and competitor intelligence on payments cards, e-money, acquiring/processing, retail banking and consumer finance. The report is now available here.

For further information contact:
Tommy Morahan
Senior Client Relationship Manager
Tel: +353 (0) 98 39119



October updates:
Egypt, Qatar

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Established in 1981 by the company founder and executive chairman, Michael Lafferty, Lafferty Group has continued to be the leading global specialist provider of industry research and thought leadership for the retail banking and consumer financial services industry for over three decades.

With particular specialisations in the fields of retail banking, cards and payments and mobile financial services, the group's comprehensive services include Senior Management Councils, Benchmarking Research, Thought Leadership Reports, Conferences, Management Roundtables and Webinars as well as Intelligence and Advisory Services.

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Lafferty Global Research Databases
Lafferty Global Research databases are an online resource providing critical market and competitor intelligence on payment cards, e-money, acquiring/processing, retail banking and consumer lending. Covering over 70 countries, Lafferty Global Research databases provide clients with the information they need to make informed decisions in those markets where they already have a presence, as well as enabling them to make an accurate assessment prior to entering (or leaving) a market.

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Lafferty Group report on exciting new industry developments, especially in the areas of retail banking, cards and payments, innovation in banking, e-money and e-commerce. With the knowledge we provide, our readers can be proactive instead of reactive.

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The Lafferty News Service provides the weekly Retail Banking Intelligence and the weekly Cards, Payments & Mobile Intelligence newsletters as well as the monthly Merchant Services Intelligence and Digital Banking Intelligence.

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With the launch of the Retail Banking Academy in 2012, Lafferty Group made a major commitment to professional education for the banking industry. The Academy operates worldwide and is the only educational and professional body in the world dedicated exclusively to offering postgraduate professional education in the retail banking and cards and payments fields.