Damen for Electronic Payments has acquired a PCI payment switch which is being integrated with Misr Bank, a leading bank in Egypt.
The step comes in line with the government`s strategy of moving away from cash-based transactions to electronic payments.
Both entities have signed an annex as a follow on to the Aggregator partnership contract that took place in 2020. The annex's objective is mainly to describe the cooperation between Damen and Misr Bank in support of the Central Bank of Egypt (CBE) initiative that is guiding the country's financial sector through a digital transformation.
Abiding with the government strategy, this agreement supports the conversion to e-payments, providing a wide variety of payment methods and card acceptance methods, whether credit, debit, Miza cards, as well as wallet payments.
The dynamics of the market support the conversion from cash payment to electronic payments, however, a reliable acceptance network is needed (Damen).
Damen provides over 200 services, from paying electricity, gas, and water bills, helping users cover University and other learning expenses. This comes in addition to charitable and Zakat donations.
Damen's services extend across Egypt, with 24 branches spread across the country.
Brief on Damen
Despite it's youth, Damen is a leading electronic payment provider in the Egyptian market. It has branches all over the country that facilitate the overall service experience. It provides integrated innovative solutions, and fulfils leadership roles in Mega Projects such as petrotrade readings, and payments.
Misr Bank Brief:
Taalat Harb came up with the idea of having a national Bank that serves and develops Egypt`s economy. Misr Bank has a clear vision where their distinguished performance guarantees them the leadership they deserve.
© Press Release 2020
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