In Egypt, where 85% of the population is unbanked, Rise, the first private mobile bank, aims to revolutionize financial accessibility. Launched in 2023, it leverages strategies akin to those of Nubank in Brazil amid a backdrop of regulatory eagerness to modernize the banking sector. Rise CEO, Abe Abdulla, emphasizes the outdated nature of traditional banks, marked by inefficiencies and barriers to entry. However, the widespread use of smartphones and mobile wallets indicates a readiness among Egyptians for digital banking solutions, highlighting the potential to bridge this financial inclusion gap.
"The regulator in Egypt is keen to modernize, digitize, and make more accessible a banking and financial services industry that is behind much of the world."
"Egypt's current banking infrastructure faces challenges including limited access, high costs, inefficiencies, customer experience issues, and legacy systems - creating significant barriers to inclusion."
Collection
[
|
...
]