Egypt recommended as "Watch Out" for investors

The study, issued in joint collaboration with MasterCard and the payments gateway DataCash, also highlighted the country’s notable figure in terms of internet-based cross-border provided services, which reached USD 1.5 billion at the end of 2012, menafn.com reports.

In a top including 50 countries, Egypt ranked 48th in the digital evolution index, recording a score of 17.28, thus turning it in the second African country after South Africa, which ranked 33rd in digital evolution. The countries were ranked on their change in total scores across the four drivers of demand, supply, institutional environment, and innovation.

Egypt scored 29.51 for the innovation driver, 15.34 for both supply and demand and 8.95 for institutional environment in 2013. These four drivers measure the development of digital and business infrastructure, consumers willing and able to conduct transactions in the digital environment, governments and institutions assisting with the creation of digital ecosystems and the extent of innovation in digital commerce.

With regards to country insights, the research revealed that the ongoing public-private initiative, entitled A PC in every home, led to 30% of households having computers, the highest among major African countries.

Magdi Hassan, Head of MasterCard in Egypt, said that the mobile phone penetration rate exceeds 100% and the internet penetration rate of 50% will contribute to the development of Egypt during the coming period. Hassan added that the Egyptian government focuses on advancing financial inclusion and expansion options of payment to Egyptians through digital communication channels.

Theodore Iacobuzio, Vice President of Global Insights, MasterCard, said that Egypts GDP has been growing every year since 2004. MasterCard signed an agreement in 2013 with the Central Bank of Egypt (CBE) and the Egyptian Banks Company (EBC) to launch a money exchange mobile platform or mobile payment platform for the first time in Egypt. This platform currently supports two payment methods: cash and phone cash, and subscribers can pay their water, electricity, company bills and transfer funds and recharge mobile credit through these methods.