Central Bank of Egypt-backed Banknbox expands fintech partnerships across 8 countries in H1 2024

Banknbox Egypt, a leading digital services and payment technology provider, has announced strategic partnerships with banks and fintech firms in eight countries during the first half of 2024. This expansion aims to solidify Banknbox’s position as a regional hub for financial and banking services, leveraging Egypt’s growing fintech sector.

With support from the Central Bank of Egypt (CBE), Banknbox has partnered with leading companies and financial institutions in diverse markets such as Iraq, Libya, Bangladesh, Moldova, Qatar and several African countries. These collaborations seek to provide a range of services through Banknbox’s digital platform in Egypt.

Bassem Mahmoud, Chairperson and Managing Director of Banknbox, acknowledged the challenges of global expansion, highlighting the need for meticulous market analysis and tailored service offerings. He emphasised that partnerships with local agents and international institutions have been crucial in ensuring the successful delivery of integrated services in each new market.

“We would like to thank the CBE for its continuous support in ensuring that Banknbox achieves its vision of transforming Egypt into a regional hub,” said Mahmoud, citing the country’s recent regulatory advancements for fintech companies.

Mahmoud further emphasised Banknbox’s significant investments in developing innovative services, adhering to international security standards, and establishing exclusive partnerships with global partners to provide comprehensive technical support and tailored solutions.

While focusing on regional expansion, Banknbox also recognises Egypt as a key market due to its rapid growth and the innovative capabilities of its banks and fintech companies. Recent partnerships with local entities have led to the provision of enhanced integrated services, including advanced card issuance and management solutions that comply with international security standards.

Banknbox offers a suite of internally developed digital services, ensuring flexibility, compatibility with customer needs, and cost-effective delivery. These services include mobile and internet banking applications, electronic wallets, encoding and e-KYC services, AI technology, card issuance and processing, and fraud prevention systems using AI.