Banknbox sets up $10 mln regional HQ in Egypt to offer integrated banking tech

Ahram Online , Sunday 30 Jul 2023

Cairo-based financial services company Banknbox announced the opening of its $10 million regional headquarters in Egypt to provide an integrated platform of banking solutions, electronic payments, smart transportation tech, and digital government payment solutions, among others, according to a press release on Sunday.

Woman standing before an ATM. Banknbox website.
Woman standing before an ATM. Banknbox website.


Banknbox CEO and Managing Director Basem Mahmoud said the company chose to establish its regional HQ in Egypt after evaluating other options in the region.

The decision matches banks' and financial institutions' desire for new products and services to satisfy customers and promote digital transformation. It also affirms Egypt's economic strength and growth, Mahmoud added.

The integrated platform will offer business-to-business (B2B) services and systems that are new to the Egyptian and North African markets.

Services span mobile banking apps, internet banking, e-wallets, e-KYC, AI like Chatbot and Open Banking APIs, automated branch and communications tech.

This allows banks, financial institutions, and companies to rely on one platform for all banking services and electronic payments.

Banknbox also provides card issuance and processing across card types, real-time card personalization, ATM management, POS and SoftPOS transaction acceptance, a White Label payment gateway, and more.

With dozens of bank and financial institution partnerships in the Middle East, Banknbox is in talks with banks in Egypt to provide services.

The opening of the new headquarters aligns with the Central Bank's new registration rules for digital banks, announced earlier in July, which are part of a broader financial inclusion strategy.

Egypt's financial inclusion rates improved by 147 percent between 2016 and 2022.

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