Egypt has soared to 6th place on the 2024 Global Mobile Money Regulatory Index, marking an astonishing rise of 39 places from the previous year. This leap, as reported by the GSMA, underscores Egypt’s commitment to digital transformation and financial inclusion, serving as a beacon for other nations in the region.
The National Telecom Regulatory Authority (NTRA) has been instrumental in this success, with Egypt’s regulatory score improving to 93 from 80 in 2023. This remarkable progress highlights the nation’s proactive approach in refining its mobile financial services, emphasizing robust know-your-customer (KYC) protocols, consumer protection measures, and a conducive investment environment.
Egypt’s achievement is not just about numbers. By the end of 2024, mobile wallets in Egypt surpassed 50 million, up 25 percent from the previous year, reflecting a growing trust in digital financial services. According to Dr. Khaled Negm from the Nile University’s Center for Technology and Innovation, “Egypt’s mobile money ecosystem is rapidly maturing, providing unprecedented access to financial services, especially in rural areas.”
Since the GSMA’s Mobile Money Regulatory Index launched in 2018, it has been a vital tool for assessing the regulatory environment across 90 countries. Egypt’s ascent in this index places it among global leaders, showcasing the country as a blueprint for successfully implementing mobile money systems.
Dr. Amr Talaat, Egypt’s Minister of Communications and Information Technology, stated, “Our digital transformation policies are designed to ensure that every Egyptian can access financial services seamlessly. This achievement is a testament to the strategic vision we have for financial inclusion.”
Egypt’s digital economy is thriving, with the mobile money sector expected to contribute significantly to the national GDP. Specialists from the International Finance Corporation (IFC) suggest that such advancements in mobile money can potentially increase Egypt’s GDP by up to 2% annually, as digital transactions bring more participants into the formal economy.
While Egypt’s progress is commendable, challenges remain. As highlighted by the World Bank, Egypt must continue to address issues such as digital literacy and cybersecurity to ensure sustainable growth in the mobile money sector.
Exclusive insights from local fintech startups reveal that there is an ongoing collaboration between public and private sectors to bolster digital infrastructure and innovation. Ahmed El-Kady, CEO of an Egyptian fintech company, emphasizes, “There’s a unique opportunity here to set new standards in digital financial services, collaborating across sectors to create a resilient and inclusive ecosystem.”
