Master Gold, Finway launch Egypt’s first gold ATM

Ahram Online , Sunday 26 Nov 2023

Master Gold Egypt launched the first ATM in Egypt selling gold bars in partnership with local e-payment technology company Finway, according to a statement on Sunday.

Gold ATM machine.
Gold ATM machine.


The new ATM will provide the best user experience to customers, supporting Egypt’s financial inclusion and digital transformation efforts, said Minister of Supply and Internal Trade Ali Moselhi on the sidelines of the third edition of the Nebu Expo for Gold and Jewelry.

The statement did not provide details on where the new ATM is located.

The event is being held in Cairo 26-28 November with the participation of 50 local and foreign companies and 110 investors from 18 countries.

Egypt seeks to position itself as a hub for gold exports to the Gulf states, Italy, and Africa, Moselhi noted.

The Egyptian government and private sector launched a group of initiatives to boost investments in gold, including gold investment funds.

On 8 November, the Egyptian Cabinet approved extending the zero-custom initiative for gold imports by Egyptians abroad for six months ending on 10 May.

Egyptian gold exports grew by 45 percent to reach $1.633 billion in 2022, up from $1.126 billion in 2021, according to Egypt's General Organization for Export and Import Control.

Short link: