Egypt has partnered with Chinese tech giant GRG Banking and Egypt’s IST to establish the first ATM manufacturing plant in the Middle East and Africa. This collaboration is poised to advance the country’s financial technology sector and significantly reduce reliance on imports.
The plant, as outlined in a press release from IST, will serve as a cornerstone for localizing the ATM production process, enhancing Egypt’s manufacturing capabilities, and transferring advanced technical knowledge. It will also strengthen Egypt’s position as a regional hub for ATM technology, opening doors for exports to African and European markets.
The project aims to address the growing demand for ATMs within Egypt, cutting down on import costs while supporting financial inclusion by improving electronic payment services and expanding the country’s digital infrastructure.
During their visit to Egypt, the GRG Banking delegation met with Dalya El-Baz, Chairperson of Egypt Post, to discuss the role of postal services in expanding digital financial services, especially in remote areas. The delegation also met with Ahmed El-Zaher, CEO of the Information Technology Industry Development Agency (ITIDA), who highlighted Egypt’s attractiveness as an investment hub and its strategic access to African markets.
The new plant represents a key development in Egypt’s push to become a leader in regional financial technology manufacturing, providing advanced solutions to bolster the digital payments sector.
