CBUAE imposes financial sanction on branch of foreign bank
The financial sanction is based on the results of the findings of examinations conducted by the CBUAE, which revealed that the branch of the foreign bank had failed to comply with the Market Conduct and Consumer Protection Regulations and Standards.
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all Banks and their staff, abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the banking sector and the UAE financial system.
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Digital payments drive satisfaction: 80% of SMEs report satisfaction with digital payments, while 77% consider them as a crucial investment for business growth Cairo: Visa (NYSE: V), a global leader in payments, today announced the launch of a new report, 'Value of Acceptance: Understanding the Digital Payment Landscape in Egypt,' which reveals significant growth potential for digital payments, especially among small and medium-sized businesses (SMEs). The report highlights substantial progress in Egypt's digital payments ecosystem. Over half (53%) of merchants surveyed have implemented digital payments in the last two years, showing accelerated adoption trends. Additionally, 55% of cash-only merchants are interested in adopting the technology. This growing popularity is reinforced by positive experiences among businesses already accepting digital payments, over 80% are satisfied with the card acceptance process, more than three-fourths report a positive impact on revenue, and more than two-thirds report the same for footfall. Furthermore, Egyptian SMEs are seeking value-added services and integrated solutions that go beyond basic transactions such as loyalty programs, enhanced security, and access to data-driven insights, which can help drive business growth, enhance customer experience, and boost operational efficiency. For cash-only SMEs, there is a demand for simple, user-friendly digital solutions that maintain the ease of cash transactions, along with educational programs to address misconceptions and incentives and facilitate the transition to digital payments. This positive momentum is expected to continue in Egypt, with over three-fourths of surveyed SMEs (77%) believing digital payment technologies will power business growth, and more than half (55%) of Egypt's cash-only merchants reporting they intend to acquire POS systems. Egypt's thriving e-commerce market is also fueling investment in digital payment, with over half of surveyed merchants newly embracing online payments (59%) and accepting payments via social media (53%). Overall, Egypt's SMEs represent a positive future for digital payments as more businesses recognize their contribution to customer convenience, retention, and sales. "The research findings paint a promising picture of Egypt's growing digital payments landscape," commented Malak El Baba, Vice President and Egypt Country Manager at Visa, 'The increasing preference for digital transactions, coupled with the recognized benefits for businesses and the broader economy, created a shift in how businesses and consumers embrace digital payments across the region. The acceleration of digital acceptance not only unlocks new opportunities for merchants of all sizes but also strengthens the foundation of inclusive economic growth. Visa is committed to working with our partners across the ecosystem to unlock the full potential of digital payments for all Egyptians – individuals and businesses alike." Malak also emphasized: 'The partnership with Egypt's Micro, Small and Medium Enterprise Development Agency (MSMEDA) is a necessary step toward empowering this vital sector, which is one of the main pillars of economic growth in Egypt.' Bassel Rahmy, CEO of Micro, Small and Medium Enterprises Development Agency (MSMEDA) emphasized that collaboration with Visa represents a strong addition to MSMEDA's efforts to support and empower owners of micro, small and medium enterprises. This is especially crucial in light of the national orientation toward digital transformation and financial inclusion, and in line with the directives of Dr. Mostafa Madbouly, Prime Minister and Chairman of MSMEDA to provide comprehensive support to business owners by helping them develop their projects and increasingly rely on modern technology. He said: 'Cooperation with Visa aims to facilitate financial transactions for business owners of all types by providing advanced electronic payment solutions and introducing electronic invoices. This contributes to easier project management, enhances their opportunities to obtain funding and technical support, and positively impacts their ability to operate, sustain, and grow. MSMEDA places great importance on empowering entrepreneurs and owners of small and medium enterprises and providing them training to help them adopt modern market tools, whether in digital marketing or financial management. This integration helps thousands of these projects join the formal sector and benefit from the advantages of Law on the Development of Micro, Small and Medium Enterprises 152/2020 and Law 6 /2025, that offer business owners many tax incentives. Expanding on the regional context, Essam El Daly, Head of Merchant Sales and Acceptance Solutions in North Africa, Levant and Pakistan Region at Visa, observed, 'Across North Africa, Levant, and Pakistan, we are witnessing a transformative shift as small and medium businesses embrace digital payments. Enabling acceptance is not just about technology – it's about building a comprehensive end-to-end payment ecosystem that empowers SMBs to thrive in the digital economy. At Visa, we are dedicated to supporting this segment through innovative and integrated solutions that range from secure payment gateways such as CyberSource, to commercial cards that streamline business expenses, and lending solutions that provide access to crucial capital, and seamless digital onboarding that accelerates merchants' entry into the formal economy. By providing these tools, alongside educational programs and solutions like Tap to Phone, we ensure that even the smallest merchants can fully participate in, and benefit from, the digital commerce landscape.' Addressing Challenges to Unlock Full Potential While the overall trend is positive, the research also identifies key challenges that must be addressed to unlock the full potential of Egypt's digital payments landscape. With 41% of surveyed SMEs concerned about the risk of fraud and robbery related to cash, both ongoing education and targeted interventions can make a compelling argument for secure and transparent digital payments. Promoting success stories that communicate the benefits, value, and long-term growth opportunities associated with digital transactions can help strengthen the confidence of cash-only merchants. Digital payments are crucial to Egyptian SMEs, boosting revenue through a wider, increasingly cashless customer base, improving customer satisfaction with faster payments, and reducing operational risks by minimizing cash handling. Digital transaction records also provide valuable data that facilitates access to financing, helping to stimulate growth. Beyond direct benefits, digital payment adoption drives economic growth and financial inclusion, connecting the unbanked to the financial system and enabling access to savings, credit, and insurance. Research shows that the transition to the digital economy can generate 1-2% annual GDP growth - a mere 1% increase in card usage generates an average $67 billion [1] . Visa is uniquely positioned to support Egypt's transition to a more digital economy. As a trusted advisor and partner, Visa offers a range of capabilities to help governments, financial institutions, businesses, and technology providers enhance their digital payment acceptance maturity. Visa's suite of solutions includes programs for specific merchant segments, innovations like Tap to Phone, Contactless Payments and Click to Pay, and resources educating businesses about the benefits of digital payments. It's worth mentioning that Visa's 'Value of Acceptance: Understanding the Digital Payment Landscape in Egypt report, conducted by 4Sight Research & Analytics, examines the current state of digital payment acceptance, exploring both opportunities and challenges. The findings are based on face-to-face interviews with 270 SME owners/managers who are key decision-makers with respect to day-to-day business decisions. -Ends- About Visa Inc. Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Media Contact Eman ElGamal Eelgamal@ [1] Moody's, 2021.
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Egypt: Misr Chemical Industries' profits drop 15% YoY in FY2024/25
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