Egyptian platform Balbaqy to launch in early 2024, transforming spare change into investments

Ahram Online , Sunday 3 Dec 2023

The Egyptian platform Belbaqy (“spare change”) will launch in early 2024, allowing users to invest the leftover amounts from electronic transactions, according to a statement from the company on Saturday.

A photo showing a number of Egyptian coins.
A photo showing a number of Egyptian coins.


CEO and founder Osama El-Shafi explained that users can easily participate in Belbaqy by downloading the application from the Play Store and creating an account.

Once registered, users can convert their leftover change from purchases to points that can be used to invest, such as by acquiring gold and stocks.

Users can also use the points to pay their electricity, water, and phone bills, or convert them into cash held in an electronic wallet.

Belbaqy was founded in 2021 and began trial operations in 2023. It has partnered with eight electronic payment companies, which together account for approximately 70 percent of Egypt’s market, El-Shafi said, without naming them.

While the platform is currently only linked to two of these companies, progress is underway to establish connections with the remaining six, he indicated.

El-Shafei explained the core principle behind the application is to empower users to make the most of their spare change, which would otherwise go to waste.

He emphasized the company's dedication to stimulating investment and integrating the informal economy into the formal sector, in alignment with Egypt's financial inclusion strategy.

In 2022, the Central Bank of Egypt (CBE) launched its financial inclusion strategy for 2022-2025 to promote financial inclusion in the country. 

As per a report by the CBE, the financial inclusion rate in Egypt grew 5.4 percent to 67.3 percent during the first half of 2023.

The country has witnessed a remarkable 147 percent improvement in financial inclusion rates between 2016 and 2022.

Egypt continues to invest heavily in digital transformation projects, with EGP 50 billion allocated to such initiatives.

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