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financial services|25 October, 2020

Banque du Caire obtains CBE license for POS

Fayed noted that this move comes in line with the bank’s expansion strategy that relies on new digital channels

  
A branch of Banque Du Caire is pictured at the Upper Egypt city of Aswan, Egypt February 21, 2020.

A branch of Banque Du Caire is pictured at the Upper Egypt city of Aswan, Egypt February 21, 2020.

REUTERS/Amr Abdallah Dalsh
By Staff Writer, Arab Finance
ArabFinance: State-owned Banque du Caire (BQDC) received a license from the Central Bank of Egypt (CBE) to operate Point of Sale (POS) machines nationwide, Chairman Tarek Fayed said in an October 22nd press release.

Fayed noted that this move comes in line with the bank’s expansion strategy that relies on new digital channels.

The POS service will be available in the nearest future through the latest devices, which have not been introduced before in the Egyptian market, Deputy Chairman Hazem Hegazy elaborated.

Banque du Caire plans to provide 100,000 POS before the end of 2020, Hegazy added.

The new devices allow contactless payments as well as QR Codes.

Last July, the bank formed an exclusive partnership with Cashless Plus to offer e-payment for traffic services.

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