List of all articles filed under “egypt-financial-services” category.
Egypt’s financial services sector is one of the oldest and best established in the Middle East. Egypt’s top financial institutions are also one of the best developed in the region. The key representatives of the top financial institutions in Egypt include Egypt’s financial authority EFSA (Egyptian Financial Supervisory Authority) and the EGX.
“We started the company in 2005. I would call myself a co-founder because it was only me and the CEO to begin with. We now have 700 employees spread all over Egypt,” explains Haithem Trabeek, Strategy & Business Planning Director at e-finance.
“e-payment currently has enormous potential and it is expanding. When we started in 2005, e-payment did not even exist and now it is part of the country’s future strategy, which was announced by the Minister of Telecommunication a couple of months ago,” explains Haithem Trabeek, Strategy & Business Planning Director at e-finance.
AIB is considered the private bank for high net worth individuals inside Egypt. This business model will change very soon, once we get local currency operations in place.
We revisited our strategic direction last year, in using our platform and experience in Egypt to expand to other countries; our original vision was to be the preferred partner for transaction processing.
“The asset management business in Egypt is not very familiar. It has a lot of potential to expand over the coming years, because it is very small, but it is growing rapidly, but it is still in its early stages. The growth in assets in the company has a very high percentage. Since the last 3 to 4 years, some companies have grown by 50 % to 70% percent annually.”
“EFSA is the result of unifying all the financial regulators. Our Constitution mentions EFSA, or the non-banking finance regulator as an independent body. We regulate 6 activities, capital markets, insurance, private pensions, mortgage, leasing and factoring. And as a recent development, for the first time in Egypt, microfinance. It is challenging.”
“e-payment currently has enormous potential and it is expanding. When we started in 2005, e-payment did not even exist and now it is part of the country’s future strategy, which was announced by the Minister of Telecommunication few months ago,” explains Haithem Trabeek, Strategy & Business Planning Director of e-finance.
The Egyptian Credit Bureau – or iScore – was founded in 2005 by a consortium of 26 banks. “We are here to help the customers rationalise their credit and help the banks evaluate and make rational credit decisions when granting a loan to a customer,” explains Mohamed Kafafi, Chairman and CEO of the institution.
The Egyptian banking sector ticked off marked growth over in the last year, with aggregated assets rising by nearly 17 percent in local currency terms during 2013, according to the country’s Central Bank.
