Cairo-based Banknbox sets up HQ in Egypt

Banknbox, a financial technology (fintech) firm based in the Egyptian capital of Cairo, 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.
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, the statement said, will offer business-to-business (B2B) services and systems that are new to the Egyptian and North African markets.
The solutions include mobile banking apps, internet banking, e-wallets, e-KYC, AI like Chatbot and Open Banking APIs, automated branch and communications tech.
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.
The move to open a regional headquarters in Egypt, the firm says, is in line with the Central Bank’s new registration rules for digital banks which are part of a broader financial inclusion strategy.
The Central Bank of Egypt (CBE) has made the financial technology sector one of the main pillars it relies upon in the development of the banking and financial sector in Egypt.

Source: The North Africa Post