Financial Services Company Banknbox Opens $10M Regional HQ in Egypt

Banknbox, a Cairo-based financial services company, announced the opening of its $10 million regional headquarters in Egypt. The new HQ will provide an integrated platform for banking solutions, electronic payments, smart transportation tech, and digital government payment solutions.

According to CEO and Managing Director Basem Mahmoud, Banknbox decided to set up its regional headquarters in Egypt after weighing up other options in the region. He added that the decision is in line with the desire of banks and financial institutions to find new products and services to satisfy customers and promote digitalisation.

The company has dozens of bank and financial institutions partnerships in the MENA region, and is now in talks with Egyptian banks regarding its services.

The integrated platform will offer B2B services and systems previously unutilised in the Egyptian and North African markets. These services include mobile banking apps, e-wallets, e-KYC, AI services such as Chatbot and Open Banking APIs, branch automation and communications tech.

Banknbox also offers card issuance and processing across different card types, real-time card personalisation, ATM management, POS and SoftPOS transaction acceptance, a White Label payment gateway, among others.

The new headquarters’ opening is in keeping with the Central Bank’s new registration rules for digital banks which were announced earlier in July. The new rules form part of a wider financial inclusion strategy, and a 147% increase in Egypt’s financial inclusion rate was recorded between 2016 and 2022.