Since last year, FinTech has been booming in Egypt, driven by the Covid-19. Orange, which anticipates increasingly fierce competition in the electronic financial services segment, has decided to increase its technical agility to face them.

The mobile operator Orange Egypt signed a partnership agreement on Monday July 5 with the National Bank of Egypt (NBE) to improve the capacities of its financial product Orange Cash Services. Through this partnership, the telecoms company intends to take advantage of the technical expertise and regulatory capacities of the financial institution to develop other services and new offers, in accordance with the best financial methods and the latest technical means of products and services. of mobile wallets.

According to Noël Chateau, Director of Transformation and Operational Efficiency at Orange Egypt, “  the collaboration with the National Bank of Egypt will also help us defend the extensive services and facilities provided by Orange’s financial portfolio, which will thereby stimulate the growth of our customer base who look forward to more advanced and updated digital financial services that are tailored and delivered on the basis of our international expertise in this area  ”.

The collaboration initiated by Orange Egypt and the NBE intervenes with regard to the rapidly changing and increasingly competitive Fintech environment. In September 2020, the government passed a new law allowing the bank to license banking licenses to fintech companies. New regulations are also being considered to attract investors and promote financial inclusion in the country.

By getting closer to the National Bank of Egypt, Orange Egypt is anticipating the many investors and competitors who are emerging in the electronic payment segment. The telecoms company thus wants to guarantee its ability to rapidly evolve into innovative financial products in a growing market, driven among other things by the boom in e-commerce.

Source: Agence Ecofin