The Central Bank of Egypt (CBE) will implement card tokenisation by 2025, marking a significant step toward securing Egypt’s digital payment ecosystem. This measure will act as a barrier against digital fraud, providing consumers with greater confidence in the protection of their data.
In 2021, digital transactions in Egypt amounted to EGP 7 trillion, but this figure has surged to EGP 22 trillion by 2024. This growth is expected to accelerate in the coming years, driving an increased demand for robust consumer security solutions. CBE’s initiative addresses this demand while aligning with global fintech advancements.
Similarly, Mastercard has committed to implementing tokenisation for online transactions by 2030 as part of its efforts to combat fraud. This move mirrors the global push for enhanced security measures in digital payments.
Previously, the Central Bank of Nigeria introduced a card system called AfriGo, designed to enhance financial inclusion and reduce the country’s reliance on global card networks. This initiative closely resembles CBE’s proposed system and represents another step within the continent to strengthen digital security.
Projects like these not only enhance the security of markets in countries like Egypt but also build consumer trust. This, in turn, creates opportunities for the number of digital payment users to grow further.