In January, the new prepaid e-payment card Meeza, issued by the Central Bank of Egypt (CBE), was introduced to the Egypt banking market through the National Bank of Egypt (NBE) and Banque Misr. Meeza (meaning “merit” in Arabic) is the latest payment solution that demonstrates Egypt’s shifting focus towards cashless payments. More banks in the market are set to roll out the Meeza card later this year.
Without the need of a bank account, holders of the card are able to carry out a multitude of banking tasks ranging from shopping online, to making transfers and paying government bills amongst others, serving a broad range of customers’ needs. Furthermore, in comparison to other competing cards, Meeza has low administrative fees which, according to Mohamed Al-Itribi, President of Banque Misr, will encourage vendors to do business via the card.
The Meeza card, available to all consumers in the market age 16 years or older, requires only a single form of identification to obtain and can be recharged either in-branch or via ATM.
RFi Group data shows that 50% of retail banking consumers in Egypt made a card payment in the last 12 months, a significant increase compared to only 33% in 2017 and 20% in 2016. This highlights ever increasing appetite for card payments amongst Egypt consumers and depicts the growing importance of prepaid card, such as Meeza, in the market.