Payment Licensing in Egypt:
A Fintech Guide

Egypt's Digital Payment Transformation

Egypt is undergoing a rapid digital payment transformation driven by the Central Bank's Financial Inclusion Strategy 2022-2025 and the National Council for Payments' Vision 2030. With over 105 million people and a young, tech-savvy population, Egypt represents the largest consumer market in the MENA region and a strategic gateway to Africa.

The government has mandated electronic payment for all government services and utilities, and is actively incentivizing cashless transactions through tax benefits. For international merchants, this creates a rapidly expanding addressable market.

Meeza: Egypt's National Payment Scheme

Meeza is Egypt's national payment network, launched by the Central Bank of Egypt to facilitate financial inclusion. Meeza prepaid cards are distributed through banks and Egypt Post, targeting the unbanked population. Over 55 million Meeza cards have been issued, making it the most widely held payment card in the country.

For merchants, supporting Meeza is essential for reaching Egypt's mass market. RiyadaVenture processes Meeza transactions through local acquiring connections, treating them as domestic transactions with higher authorization rates and lower fees than cross-border card processing.

Mobile Wallets

Egypt's mobile wallet ecosystem has exploded, driven by telco-led services and the CBE's interoperability mandate:

• Vodafone Cash — the market leader with over 20 million active wallets, enabling P2P transfers, bill payments, and merchant payments
• Orange Cash — competitive telco wallet with QR code payment capabilities
• Etisalat Cash — integrated with Etisalat's subscriber base for seamless mobile top-ups and payments
• Fawry — an omni-channel payment network with over 300,000 service points, processing bill payments and e-commerce transactions

The CBE's Instant Payment Network (IPN) connects all wallets and banks, enabling real-time interoperability. Customers can transfer funds between any wallet and any bank account instantly.

Licensing & Regulatory Framework

The CBE's Banking and Payment Technology Law (2020) established a comprehensive licensing framework for fintechs operating in Egypt:

• Payment Service Provider (PSP) License — required for companies processing electronic payments, with minimum capital requirements of EGP 25 million
• Payment Aggregator License — for platforms aggregating merchants under a master merchant account, with lighter capital requirements
• Electronic Money License — for entities issuing electronic money or operating wallets, with EGP 50 million minimum capital

Key Compliance Requirements

• KYC/AML — tiered KYC requirements based on transaction values, with simplified KYC for low-value wallets (up to EGP 5,000/month)
• Data localization — Egypt's Data Protection Law (No. 151/2020) requires consent for cross-border data transfers
• FX regulations — the CBE manages the exchange rate; cross-border settlements require authorized dealer bank involvement
• Tax compliance — VAT (14%) applies to electronic services; withholding tax on payments to non-residents

Supported Payment Methods