- Egyptian Banks Company, established in 1995, advances Egypt’s electronic payment systems, offering seamless financial solutions nation-wide.
- Tarek Raouf, since becoming Executive Chairman and CEO in 2019, has driven significant growth and modernisation within the company, leveraging his extensive experience in financial technology and management.
Aligned with the Central Bank of Egypt’s national vision, EBC is dedicated to constructing, delivering, and operating a secure, dependable, and safe infrastructure for electronic payments and interbank services throughout Egypt.
EBC fosters financial inclusion by consistently garnering stakeholder confidence in electronic payment solutions, offering access to cost-effective financial services, a variety of payment options for enhanced living, a seamless, interoperable, and instantaneous payment experience, and the most advanced innovations in payment technologies.
Transformative steps in electronic payments: EBC’s chronology of innovation
Egyptian Banks Company, established in 1995, embarked on a mission to build and manage interbank service infrastructures. Two years later, it launched the 123 Shared Cash Network for ATMs, improving access to cash withdrawal facilities. In 2003, the organisation began offering value-added services to enhance the banking sector’s capabilities. By 2008, EBC had introduced payment cards for governmental payroll distributions, marking a step towards digitising public sector payments.
The year 2010 saw the inception of the Automatic Clearing House (EG-ACH), a national network designed to streamline interbank transactions. Four years later, EBC activated the Government Subsidies Scheme via ACH, ensuring efficient disbursement of bread and supply subsidies across Egypt. In 2015, the company launched a project to pay pensions to banked pensioners, promoting financial inclusivity among the elderly population.
Further advancements included automating the import form process in 2016, enhancing import controls and collections. The following year, EBC inaugurated the Tahweel digital network for e-wallets, facilitating online transactions. In 2018, the National Payment Scheme “Meeza” was launched, introducing the first Egyptian Payment Card. The subsequent year witnessed the rollout of Meeza Governmental Acceptance and a marketing campaign to boost its adoption.
EBC continued its technological evolution with the introduction of the Instant Payment Network (IPN) in 2021, enabling faster transactions. Leveraging the IPN, EBC released the InstaPay Super-App in 2022, offering an integrated digital payment solution for users.
Shaping the future of financial technology: Eng. Tarek Raouf’s impact at EBC
Eng. Tarek Raouf, the Executive Chairman and CEO of EBC since 2019, has been instrumental in driving the company’s growth and transformation. Previously, as a non-executive Chairman, he played a pivotal role in shaping EBC’s strategic direction. Under his leadership, EBC has pioneered several innovative payment systems, including the Instant Payment Network, while also aiding the modernisation of governmental payment procedures.
Raouf boasts over thirty-five years of experience in electronic payments, domestic schemes, information technology, and risk management. His career includes a tenure as Sub-Governor at the Central Bank of Egypt from 2005 to 2011, where he led significant projects like the RTGS system. Prior to his role at the Central Bank, Raouf held managerial positions in international businesses, notably as the Director of Information Technology at British Gas, where he promoted innovation in core and emerging technologies.
He has served on the non-executive boards of the Egyptian Credit Bureau “I-Score” and E-finance, and presently holds non-executive board positions at E-serve and E-KYC. Renowned as an expert in his field, Raouf regularly addresses international payment conferences and workshops on emerging payment technologies, open banking, and payment challenges.
Raouf received his Bachelor’s Degree in Engineering Science from Cairo University and has completed executive education, including the Executive Management Programme at Harvard Business School.
About Egyptian Banks Company
The Egyptian Banks Co. for Technological Advancements “EBC” stands as an advanced developer and operator of payment infrastructure, serving as the connective tissue within Egypt’s e-payment ecosystem. EBC provides seamless, interoperable, and instant payment experiences for consumers, businesses, merchants, financial institutions, and government entities alike.
As the technological arm of the Central Bank of Egypt “CBE”, EBC is proud of its mandate to modernise e-payment knowledge and infrastructure. With ongoing support from its distinguished shareholders, headed by the CBE, EBC has transformed into the nation’s premier operator of the payment infrastructure.
