Egypt Post partners with Qardy

Following this announcement, Qardy will be given the possibility to provide its services to multiple small and medium-sized businesses and enterprises (SMBs and SMEs) in Egypt. The solutions will be offered through Egypt Post’s network which consists of over numerous post offices across the region. 

The partnership is focused on offering SMEs the needed products and tools of debt financing through the Egypt Post and Qardy’s branches across the country. While Qardy is set to allow businesses to fulfill their financial obligations and requirements in an easy and secure manner, the company will also prioritise making the process hassle-free and streamlined. 

Furthermore, Qardy will offer its products in order to make sure customers are matched with the financial institution or company that suits their needs in the best way. Throughout the partnership with Egypt Post, the company aims to offer SMEs the opportunity to get access and to leverage the safe and efficient range of facilities for their development processes. In addition, small and medium-sized enterprises will also be able to leverage the products in order to adapt to the digital transformation and financial inclusion of the region. 

According to the press release, the companies aim to archive financial inclusion for all groups of society across Egypt, while providing several funding models to companies through postal branches. This is set to improve the region’s economy and encourage freelancing through multiple parts of the country by relying on the opportunities and possibilities that come with the postal infrastructure and geographical deployment of Egypt’s post offices. 

The collaboration falls in line with Qardy’s focus on reducing the overall debt financing gap between financial institutions, banks, and micro, small, and medium enterprises (MSMEs).   

Egypt’s strategy for product digitalisation

In March 2023, the Central Bank of Egypt (CBE) released regulations on payment tokenisation, which were set to allow contactless payments through mobile applications after it was approved. According to the press release published at the time, payment cards in the country were able to function in both online and offline models, as well as contactless models. Across the globe, the option to pay while using a payment card tokenisation proved to be popular among customers, with banks offering tokenisation products and solutions on various devices, including smartwatches and smartphones. 

The regulations specifically addressed payment tokenisation tools, in which payment tokens were set to be used throughout the entire payment transaction, from the point of sale to the acquirer and client. They also stipulated a Customer Device Verification Method (CDCVM), which represented a type of verification enabled by card networks when the user conducted a contactless transaction that stemmed from mobile and electronic devices, as well as PIN use. 

Earlier in the same month, CBE also approved the rules of payment card service codes, which allowed contactless transactions while using mobile applications within the framework of the NPC. The new rules represented a continuation of the CBE’s proactive efforts to improve the digital development process, as coding allowed payment cards to be registered on smart device apps. Furthermore, they were designed to be used to complete payments on electronic POS, as well as online purchases in an easy and secure manner.