Egypt's First Gold ATM Officially Launched

Master Gold Egypt has partnered with local e-payment technology company Finway to launch the first gold ATM in Egypt. The ATMs will allow citizens to purchase gold bullion in segments of 1 gram to 100 grams, and are expected to be installed in commercial malls.

The initiative comes as part of Egypt’s efforts to establish itself as a primary hub for gold exports to the Gulf states, Italy and Africa. According to Egypt’s General Organization for Export and Import Control, the country’s gold exports increased by 45%, reaching a total amount of USD 1.633 billion in 2022, compared to USD 1.126 billion in 2021.

Details regarding the precise location of the new gold ATMs have not yet been revealed.