Egypt's Banknbox partners CSC Jordan on digital banking solutions
TLDR
- Banknbox partners with CSC Jordan to enhance financial inclusion and offer advanced services.
- Banknbox offers services like ATM administration, transaction monitoring, POS, and soft POS.
- Partnership with CSC Jordan aims to integrate customer-facing systems for distinctive regional services in the MENA fintech sector.
Egypt-based fintech Banknbox has partnered with CSC Jordan to enhance financial inclusion and offer advanced services to the customers of both companies.
Founded in 2022 by Bassem Mahmoud, Banknbox provides a diverse range of services, including ATM administration, transaction monitoring, POS, and soft POS. CSC Jordan, founded in 2004, specializes in electronic payment and ATM management services.
Through this partnership, Banknbox and CSC Jordan aim to strengthen their position in the MENA fintech sector by integrating their customer-facing systems from banks and financial institutions and linking applications to provide distinctive regional services to their customers.
Key Takeaways
The fintech sector in the Middle East, North Africa, and Pakistan (MENAP) has experienced robust growth in recent years, with annual investor backing increasing by around 36% from 2017 to 2022. Despite a sharp drop in valuations and changing market dynamics in the global tech sector in 2022, many local fintechs in the MENAP region are actively expanding their presence both within the region and beyond. However, there is now a renewed emphasis on profitability, marking a new imperative for startups. The region's positive macroeconomic outlook and the consistently strong performance of its financial services industry provide favorable conditions for the continued growth of the fintech sector. McKinsey estimates that MENAP fintech revenue could nearly triple, rising from $1.5 billion in 2022 to a range between $3.5 billion and $4.5 billion by 2025. This substantial increase would elevate fintech's share of financial services revenue from less than 1% to approximately 2.0 to 2.5%.
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