Cairo-based financial services company Banknbox revealed the official launch of its $10 million regional headquarters in Egypt aimed at offering an integrated platform of banking solutions, electronic payments, smart transportation technology, and digital government payment solutions, among other things.
Banknbox CEO and Managing Director Basem Mahmoud said the company chose to establish its regional HQ in Egypt after evaluating other options in the region.
The decision aligns with the ambition of banks and financial institutions for new goods and services to delight clients and encourage digital transformation. It also confirms Egypt’s economic strength and prosperity, according to Mahmoud.
The integrated platform will offer business-to-business (B2B) services and systems that are new to the Egyptian and North African markets.
Services span mobile banking apps, internet banking, e-wallets, e-KYC, AI like Chatbot and Open Banking APIs, automated branch and communications tech.
This allows banks, financial institutions, and companies to rely on one platform for all banking services and electronic payments.
Banknbox also provides card issuance and processing across card types, real-time card personalization, ATM management, POS and SoftPOS transaction acceptance, a White Label payment gateway, and more.
With dozens of bank and financial institution partnerships in the Middle East, Banknbox is in talks with banks in Egypt to provide services.
The opening of the new headquarters aligns with the Central Bank’s new registration rules for digital banks, announced earlier in July, which are part of a broader financial inclusion strategy.
Egypt’s financial inclusion rates improved by 147 percent between 2016 and 2022.
