Cairo – Mubasher: The Central Bank of Egypt (CBE) announced several measures to expand its electronic payment initiative launched in May to boost financial inclusion and facilitate financial transactions.

The CBE decided to bear the costs of 100,000 points of sale (POS) devices deployed by banks since the beginning of the initiative until the end of November, in addition to the deployment of 100,000 PoS across all governorates starting from December.

This will raise the number of POS targeted to be deployed under the initiative to 300,000 at a cost of more than EGP 1 billion to be borne by the CBE.

Banks participating in the initiative deployed about 156,000 POS until the end of October, bringing the total number to 356,000, Sub-Governor of the CBE, Rami Aboul Naga, said.

The CBE aims to increase the number of POS to 1 million over a period of three years, he added.