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.
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