Central Bank of Egypt Grants Cash Now Preliminary Approval to Issue Prepaid Cards
Cash Now, a subsidiary of Naqodi Holding, has received preliminary approval from the Central Bank of Egypt to issue prepaid payment cards. This step comes as part of the company's efforts to enhance its digital financial services in the Egyptian market.
This approval is considered a significant milestone for the company, as it aims to provide new electronic payment solutions to citizens. The company plans to launch these cards in collaboration with strategic partners, which will contribute to facilitating daily financial transactions for users.
This initiative seeks to support the digital transformation strategy in Egypt, which aims to reduce reliance on cash and increase the use of electronic payment methods. These cards are expected to help expand the base of financial service beneficiaries, especially for individuals who do not have traditional bank accounts.
This move comes at a time when the fintech sector in Egypt is witnessing remarkable growth, with the Central Bank working to regulate and develop this sector to ensure the provision of safe and efficient services to citizens. The company is expected to begin actual operations after fulfilling all final regulatory requirements.