The Central Bank of Egypt (CBE) approved the launch of an e-portal for managing smartphone wallet accounts in cooperation with the National Telecom Regulatory Authority (NTRA). Through this portal, users can make queries about any electronic wallets registered with their cell numbers as well as unsubscribe from the wallet for free without having to visit the branch of the service provider. Rami Aboul-Naga In a statement released on Wednesday, Rami Aboul Naga — the Deputy Governor of the CBE — said that the e-portal reflects the keenness of the CBE to provide digital financial services that are easy and flexible to suit all segments of society in a way that supports the efforts of the state and its institutions. It aims to achieve financial inclusion and create a shift towards a digital society that is less dependent on cash within the framework of implementing the vision and decisions of the National Payments Council that is headed by President Abdel Fattah El-Sisi. Launching the portal is a new addition to the advantages of the 'Meeza' national payment system that is managed by the Egyptian Banks Company, as it will have a positive impact on the market for payment services using smartphones in particular and electronic and digital payments in general. Amany Shams-Eldin, First Sub-Governor Banking Operations at the CBE Furthermore, Amany Shams Al-Din — the Sub-Governor of the CBE for the Banking Operations and Payment Systems Sector — said that the new portal is a continuation of the various services provided through smartphone wallets, which are easy, fast, and safe. Users can access the portal to inquire about whether or not an electronic wallet is registered with their cell number; it is easy and instantaneous. Citizens also have the option to cancel their wallets completely in a few seconds without having to visit their service provider. This contributes to simplifying procedures and saving customers' time and effort and is completely free of charge. Ehab Nasr, the Assistant Sub-Governor of the CBE's Payment Systems and Business Technology Sector, said that smartphone wallet services have developed greatly, both in terms of the diversity of services provided and usage rates. There are over 25 million electronic wallets now in Egypt. The number grew by 27% between 2020 and 2021. These wallets conducted about 227 million transactions in 2021, with a growth rate close to 100% compared to 2020.
