Visa, the global leader in electronic payments, is participating in Egypt’s Economic Development Conference (EEDC).
With the theme of ‘Egypt the Future’, the conference will take place on March 13-15 in Sharm El Sheikh.
During the conference, Visa will shed light on efforts to electronify government payments and a strategic deal with the Egyptian Banks Company (EBC).
Stephen Kehoe, Visa’s Senior Vice President of Global Financial Inclusion, will highlight at a panel chaired by H.E Khaled Negm, Minister of Communications and Information Technology, recent cooperation with the government to launch Egypt’s National Vision for Electronification of Government Collections and Payments Initiative. Kehoe will also unveil the details of a partnership with EBC that will result in expanding access to financial services and help EBC’s expansion plans in African markets.
Visa has provided more than 5000 products and solutions to support global financial inclusion efforts, especially in the area of government electronic payments, which are regarded as an important driver for expanding access to various financial services. Visa is working with 47 governments, and is now joining forces with the Egyptian government to define the roadmap for transforming payments in the country to embrace the full potential of the digital economy.
“The shift to electronic payments has a positive effect on economic growth, supporting governments’ aspirations to bring more of their citizens into the financial mainstream and enabling smoother, more efficient commerce. The very near future lies in digital/mobile payments and Visa had recently launched a number of initiatives in the past year like cloud and tokenization that aim at commercializing digital. It is prudent to emphasize that in emerging markets like Egypt we ensure all stakeholders collaborate to create an interoperable infrastructure geared to expand choice but at no cost to the security and integrity of the financial transactions. Visa is determined to work with Financial Institutions, Mobile Network Operators, government and other stakeholders to create a reliable eco-system,” said Tarek Elhousseiny, General Manager for North and Francophone Africa at Visa.
Visa’s participation in the conference comes days after signing a strategic partnership with the Egyptian Banks Company (EBC) that tackles three main pillars aiming at promoting financial inclusion efforts and supporting the government’s electronic payments initiatives. The agreement will also empower EBC to offer third-part processing services in African countries.
Tarek Elhousseiny added, “The partnership agreement will allow banks in Egypt to route domestic ATM transactions on Visa debit and government prepaid products through EBC’s local switch. As per the agreement, EBC will manage clearing and settlement between Banks in Egypt for such transactions as well as dispute resolution process. The agreement will enable EBC to act as a Visa certified third-party processor entitled to provide services related to issuing and acquiring Visa cards on ATMS operated by local and African banks. The certification process will serve as an infrastructure backbone for future involvement of EBC in mobile-based electronic payments.”
Under the agreement, Visa will also certify EBC for “mVisa” transactions in Egypt in accordance with Visa’s usual assessment and certification process and rules. Banks in Egypt wishing to participate in the “mVisa” program will be able to provide mVisa capabilities to their consumers using EBC’s enablement services.
Visa and EBC agreed to share expertise, collaborate on fraud monitoring and prevention activities, and enhance cooperation to offer services and products to banks in Africa in a manner consistent with the overall government strategy aiming at forging closer economic ties with African countries and opening new markets.
“Our participation in the conference signifies Visa’s collaboration with the Egyptian government to support the planning, implementation and promotion of Egypt’s National Initiative for electronification of government payments, which includes the development of a detailed strategy and action plan. It also includes sponsoring and supporting a series of national capacity building workshops for stakeholders on jointly identified issues,” said Stephen Kehoe, Senior Vice President for Financial Inclusion at Visa.
“The initiative also includes efforts to drive e-Commerce in Egypt through deepening partnerships with financial institutions and providing innovative solutions to enhance acceptance infrastructure in the country,” he added.
The roadmap pays significant attention to e-commerce to reap the fruits of high internet and mobile penetration in Egypt, a country with over 60% of youth population. According to Visa analysis of the e-Commerce landscape, the internet will contribute around US$6 billion to the Egyptian economy by 2017.
