Egypt, Visa discuss cooperation to boost digital transformation
Updated 10/19/2025 8:38:00 AM
Arab Finance: Minister of Investment and Foreign Trade Hassan El-Khatib held a meeting with Visa’s global leadership to discuss expanding cooperation in digital transformation, electronic payments, and developing Egypt’s technological infrastructure for financial services, as per a statement.
The meeting took place on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C., with the participation of Visa Group President Oliver Jenkyn and Senior Vice President and Global Head of Government Affairs Robert Thomson.
El-Khatib said digital transformation is a national priority to enhance transparency, financial inclusion, and the efficiency of government services.
He explained that Egypt is entering a new phase of economic and institutional reform to build a competitive economy based on transparency and integration between financial, trade, and digital policies.
The minister added that the stability of financial and monetary indicators reflects the success of government measures in containing inflation and reinforcing investor confidence.
He noted that Egypt is implementing a comprehensive program to streamline procedures and facilitate trade, which has reduced customs clearance time from over 16 days to 5.8 days, with a target of reaching two days before the end of the year.
Customs ports now operate seven days a week in coordination with the Ministries of Investment and Finance, positioning Egypt among the most efficient and competitive destinations in the region.
El-Khatib said digital transformation will anchor the next stage of investment environment development.
This will be achieved through an integrated digital system connecting the Unified Licensing Platform and the Economic Entities Platform, alongside the Egyptian Trade Platform, to consolidate government services and permits into a single system.
He added that the goal is to ensure that investors no longer need to approach government entities to obtain licenses or services directly.
The minister also highlighted Egypt’s move toward a cashless economy by expanding electronic payment methods. He said that with about 70% of Egyptians under the age of 30, this young demographic is driving digital transformation.
The country has seen rapid adoption of mobile payment applications, placing Egypt among the fastest-growing markets globally in this sector.
Visa's officials commended Egypt’s economic, structural, and digital reforms, describing the country as a pivotal market in the company’s global strategy, alongside Japan, Germany, Brazil, Mexico, Saudi Arabia, and South Africa.
The company's officials said it has quadrupled its Cairo-based workforce to around 120 employees serving North Africa and the Levant region and decided to relocate its regional digital sales center from Dubai to Cairo, citing Egypt’s operational efficiency, competitive costs, and strong technical infrastructure.
They expressed plans to expand investments in Egypt, including developing new digital solutions for government payments and e-commerce.
The company noted that it has allocated more than $12 billion in recent years to enhance data security and combat electronic fraud.
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