Ahmed Enayat, the CEO of الأهلي ممكن, stated that the strategic partnership with the instant payment platform إنستا باي has directly contributed to a notable increase in the volume of digital operations within the Egyptian market. This partnership is not merely an additional payment channel; it has also facilitated the development of a comprehensive billing system that links collection processes directly and instantly with the payment network, allowing for real-time transaction settlements.
Enayat explained that this collaboration has enhanced operational efficiency and reduced collection times, which has clearly reflected in the improved efficiency of the payment infrastructure within the company and the market as a whole. This has accelerated the pace of digital transformation in Egypt, reflecting the general trend towards innovation in this sector.
Operational Performance Insights
Regarding operational performance, the company has achieved significant leaps in collection volumes, rising from approximately 500 million EGP monthly in earlier stages to nearly 10 billion EGP monthly currently. This growth has been driven by the expanded use of digital payment solutions and their integration with various collection systems.
Enayat also noted that the volume of transactions has seen substantial growth, as the company initially executed between 200,000 to 300,000 transactions monthly, while the number today has risen to about 2 million transactions daily. This expansion reflects an increasing reliance on digital solutions for payments.
Background & Context
The fintech sector in Egypt has undergone a significant transformation in recent years. About 12 years ago, the concept of startups in this field was not as clear as it is today, whereas it has now become one of the fastest-growing sectors. This growth is driven by the development of digital infrastructure and the proliferation of electronic payment methods and smart wallets.
However, challenges related to cybersecurity and financial fraud still persist. Enayat pointed out that he has been targeted by phishing attempts through messages on applications like WhatsApp, reflecting the evolving methods of digital fraud and the necessity to raise awareness among users.
Impact & Consequences
Enayat emphasized the importance of enhancing oversight on financial operations related to cards and payments, with the need for continuous auditing of financial transactions. Exercising caution with any suspicious operations is vital to ensure the protection of customer data and maintain the integrity of the financial system.
He also confirmed that digital transformation does not mean completely replacing the human element, as artificial intelligence is considered a supportive tool that enhances operational efficiency, while decision-making and management remain in human hands.
Regional Significance
الأهلي ممكن is one of the leading companies in the field of payments and digital financial services in Egypt, owned by the National Bank of Egypt. The company plays a pivotal role in supporting the state’s strategy for digital transformation and financial inclusion by providing innovative solutions in electronic payment and collection.
These developments contribute to enhancing the efficiency of financial transactions and reducing reliance on cash, aligning with the trends of the digital economy in Egypt. This growth in the digital payments sector could serve as a model for other countries in the region.