The CDs launched last month, following the central bank’s 100-bps interest rate hike. Some EGP 410 bn is in deposits at the NBE, while the remainder is parked at Banque Misr, Al Mal reports. ĭATA POINT- Those 18% CDs are still being snapped up: Investors have now poured some EGP 600 bn into 18% CDs at Banque Misr and the National Bank of Egypt - that’s EGP 23 bn in inflows in the past seven days, according to our math. The report doesn’t break out Egypt-specific figures.ĭriving the acceleration: Greater smartphone adoption in the region, a growing number of young, tech-literate demographics, and the increasing numbers of POS devices and fintechs offering services like buy-now-pay-later (BNPL) and closed loop payments. Digital payments are growing at a 20% CAGR, putting them on track to surpass USD 20 bn next year, more than double what was spent digitally in 2019. So says the MENA Fintech Association in a new report (pdf) that anticipates the rise of cashless payments to accelerate this year and the next. SIGN OF THE TIMES- Nearly seven in 10 payment transactions in the Middle East and North Africa will be digital in 2023. It’s a far cry from the “two-thirds of the country is unbanked” figure that had held for a decade prior to the CBE’s financial inclusion drive. That includes some 16 mn women - up 171% since 2016. The figure has more than doubled since 2016, when just north of a quarter of over-16s owned a “transactional” account, a definition that includes bank accounts as well as Post Office savings accounts. More than 56% of Egyptian adults - nearly 37 mn people - held a bank account, mobile wallet or pre-paid card at the end of 2021, up from almost 53% the year before, according to central bank figures (pdf) released yesterday. OF GOOD NEWS- The majority of Egyptian adults are now banked. SO, WHEN DO WE EAT? You’ll be breaking your fast at 6:30pm CLT this evening in the capital city, and fajr prayers are at 3:42am. The company has already recalled more than 770k products following the decision. Indomie was also ordered to remove claims from its packaging that products contain vitamin B, iron, zinc, and calcium. PSA #3- Some Indomie noodles pulled from the shelves over safety concerns: Indomie Egypt has 48 hours from yesterday to recall all its chicken and vegetable flavored instant noodles, as well as those with chili packets, from the Egyptian market, after the National Food Safety Authority declared them unfit for consumption due to the presence of aflatoxins and pesticide residues in unsafe quantities, state-owned news portal Ahram Gate reports. More than 70k companies have registered for the e-invoicing system so far and have sent north of 200 mn e-invoices, FinMin said. All B2B invoices issued by businesses based in the Greater Cairo Area will be automated by June, director of taxpayer services at the Tax Authority Mohsen El Gayar recently told Enterprise, while all B2B and B2C invoices across the country should be fully automated by December. What e-invoicing system? The Tax Authority launched a pilot for the B2B e-invoicing program with 134 companies in late 2020, before extending the system to all large taxpayers last July. The Tax Authority will accept paper invoices issued before companies were obligated to join the e-invoice system, as well as from companies granted exceptions by the authority.
PSA #2- Only e-invoices will be accepted as proof companies have paid VAT on goods and services starting 1 July, the Finance Ministry said in a statement. Now it’s up to you (or your bosses) to decide if your company will bridge the entire week.
The private sector will officially get Labor Day (that’s 1 May) and the first two days of Eid as paid vacation days, the Manpower Ministry has said. REMINDER- The private sector won’t be taking the entire week off for Eid, unlike the public sector. With banks closing for the week, you can expect an announcement any moment now from the EGX that it is following suit. Shortened Ramadan hours will end when banks reopen for business as usual on Sunday, 8 May. The country’s banks will be closed from Sunday, 1 May through Thursday, 5 May. PSA #1- The whole of next week will be a bank holiday to celebrate Eid al Fitr, the Central Bank of Egypt (CBE) said overnight. It’s another huge news day today, so we’re going to jump straight in with this public service announcement: Good morning, wonderful people, and welcome to the next-to-last workday of Ramadan.
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