Banque Misr, one of Egypt’s largest banks, and Etisalat Misr, a telecommunications giant, have partnered to launch SuperPay, an innovative electronic payment technology company. This collaboration marks a significant milestone in Egypt’s journey towards enhancing its financial technology landscape.
SuperPay is poised to revolutionize the way payments are conducted in Egypt, offering cutting-edge digital solutions such as mobile top-up services, bill payments, merchant services, and an online payment platform. The company also plans to expand into agent banking, microfinance, and payroll advances in the future.
One of SuperPay’s most ambitious goals is to deploy more than 190,000 electronic payment machines across Egypt within the next five years. This initiative seeks to replace traditional cash transactions with electronic payments, introducing soft Point of Sale (POS) systems and the Tap on Phone service. These innovations are poised to drive significant growth in Egypt’s financial landscape.
SuperPay’s launch comes at a time when Egypt is experiencing rapid growth in its financial technology sector. The Central Bank of Egypt has reported a remarkable increase in financial inclusion, with 64.8% of Egyptians now having access to financial services. This achievement can be largely attributed to the growth of financial technology companies in the country.
The collaboration between Banque Misr and Etisalat Misr is a testament to the state’s and the Central Bank’s unwavering commitment to fostering financial inclusion and promoting non-cash payments. The number of financial technology companies in Egypt has skyrocketed from 32 in 2017 to a remarkable 177 by the end of 2022.
SuperPay’s ambitions extend beyond the Egyptian market. The company plans to expand its operations to other African countries in the near future. This expansion will leverage the expertise and resources of Banque Misr and Etisalat Misr, two of the most respected companies in the region.
The launch of SuperPay is a momentous occasion in Egypt’s financial technology journey. Its establishment is poised to have a positive and lasting impact on the nation’s economy, further solidifying the pivotal roles played by Banque Misr and Etisalat Misr in driving economic development