Egypt launches its first digital business registry with Visa and CIB

Muhammad Khalid, Wednesday 12 Apr 2023

Egypt’s Ministry of Supply partnered with Visa Inc. and Commercial International Bank (CIB) to develop the country’s first digital business registry and identification system.

ITDA partners with Visa, CIB to issue Egypt s 1st digital commercial registry
Ministry of Supply witnesses signing of protocol between ITDA, CIB, and Visa.


The new registry will provide each of Egypt’s 4.3 million businesses with a unique QR code and digital identification card, Supply Minister Ali El-Moselhi said in a statement. The cards can be used for various transactions including business license renewals, openings new branches and withdrawals from ATMs.

The new system aims to boost Egypt’s digital transformation and financial inclusion, said Ibrahim Ashmawy, a senior official at the ministry. Business registrations in the first quarter of 2023 increased 5 percent from a year earlier to 1.5 million.  

The digital registry is part of Egypt’s broader push to modernize its economy and reduce costs for companies. Telecom Minister Amr Talaat said last year the country invested USD 3.2 billion in digital infrastructure upgrades and tech projects.

Visa and CIB, Egypt’s largest bank, will help link the business registry’s databases and 108 offices nationwide. The registry will eventually replace paper licenses for members of the country’s chambers of commerce and industry groups.

The changes are "set to significantly streamline business practices in Egypt and drive greater levels of efficiency and financial access," said Tarek Fayed, Visa’s general manager in North Africa.

Short link: