Tarek Raouf, CEO of the Egyptian Banks Company (EBC), spoke to EDC’s Samee Zafar. EBC provides infrastructure for electronic payments and clearing systems in Egypt. EBC recently launched Meeza, Egypt's domestic payment scheme which is expected to improve and transform the electronic payments industry in the country.
What is the role of Egyptian Banks Company in powering Egypt’s payments?
Our role in payments is widely diversified and not limited to the fact that EBC is the leading payment scheme owner and operator in Egypt. We cater to the needs of all stakeholders in the payments value chain. We follow a customer-centric approach to enable and accelerate electronic payments in the country. Our role has several dimensions:
- Infrastructure: Ensuring the robustness and integrity of Egypt’s payments infrastructure
- Commercial: Development of suitable commercial models to meet market needs with a focus on financial inclusion (for both consumers and small merchants)
- Activation and Enablement: Coordinate and cooperate with partners and stakeholders to raise awareness and drive adoption and acceptance
- Innovation: Encourage innovation and developing of new payment products that leverage digitalisation and the mobile channel
You have just launched Egypt’s domestic payment scheme “Meeza” – how will it help improve payments in the country and the broader financial inclusion strategy?
Meeza was founded to improve and transform the electronic payments industry in the country. Meeza will not only fill the existing gaps in the payments infrastructure, it will also accelerate financial inclusion by widening the electronic payment acceptance footprint. From a strategic perspective, Meeza will transform the payment ecosystem as follows:
- Provide consumers with affordable and advanced payment instruments (cards and wallets) which meet their needs
- Increase the acceptance footprint in the country by lowering merchant payment acceptance costs and offer an attractive model for small merchants operating on low margins (for all payments made via cards or over digital QR codes)
- Raise awareness about the benefits of electronic payments and impact on consumers, business and economic productivity
What do you in your spare time? What are your hobbies?
It is important to recharge and relax away from work which also helps develop additional skills. My hobbies are traveling, reading, exercising and cars.
What are your personal goals for 2019 / 2020?
My personal goals during the upcoming years are to spend more time with family and do more of social community activities.
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