Ahmed Kamel – Egypt Daily News
In a significant vote of confidence in Egypt’s economic reforms and digital transformation strategy, global payments giant Visa has announced its decision to relocate its regional digital sales center from Dubai to Cairo. The move highlights Egypt’s growing importance as a competitive and strategic hub for financial technology in the Middle East and North Africa (MENA) region.
The announcement came during high-level talks held in Washington, D.C., on the sidelines of the annual meetings of the International Monetary Fund and World Bank. Egypt’s Minister of Investment and Foreign Trade, Eng. Hassan El-Khatib, met with senior Visa executives, including Group CEO Olivier Jenkyns and Executive Vice President for Global Government Engagement Robert Thomson, to explore avenues for expanding cooperation in digital payments and financial infrastructure development.
Egypt’s Digital Vision Gains Traction
Minister El-Khatib began the meeting by emphasizing Egypt’s commitment to a new phase of institutional reform and economic modernization. He underlined that the country is building a more competitive economy rooted in transparency and the integration of fiscal, trade, and digital policies. He noted that recent improvements in macroeconomic indicators reflect the success of government policies in curbing inflation and restoring investor confidence.
One of the key pillars of Egypt’s current reform drive, El-Khatib explained, is the acceleration of trade facilitation and digital transformation. He cited a dramatic reduction in customs clearance times—from over 16 days to just 5.8 days as a result of streamlined procedures and full-week operation of customs outlets, coordinated between the Ministries of Investment and Finance and other agencies. The government now aims to reduce clearance time to just two days by the end of the year.
According to the minister, Egypt is also working on developing a unified digital ecosystem for investors. This includes a centralized licensing platform soon to be fully integrated with the national economic entities platform and the Egyptian Trade Portal, designed to consolidate government services and permits in a single digital system. The ultimate goal, he stressed, is to eliminate the need for any investor to physically visit a government office for approvals or services.
El-Khatib further noted that Egypt’s transition toward a cashless economy is gathering momentum, driven largely by a youthful population around 70% of Egyptians are under 30 years old. In recent years, mobile payment apps have seen exponential growth, placing Egypt among the world’s fastest-growing digital payments markets.
Visa Doubles Down on Egypt
Visa executives expressed strong admiration for Egypt’s economic, structural, and digital reforms, saying the country has become a pivotal market in the company’s global strategy on par with key regions such as Japan, Germany, Brazil, Mexico, Saudi Arabia, and South Africa.
The company revealed that it has quadrupled its workforce in Cairo, now employing approximately 120 staff who serve clients across North Africa and the Levant. This rapid expansion has paved the way for the decision to relocate its regional digital sales headquarters from Dubai to Cairo. Visa cited Egypt’s competitive advantages in operational efficiency, talent pool, and technical infrastructure as key factors in its decision.
Visa also reiterated its commitment to expanding its investments in Egypt, particularly in areas such as government payment solutions and e-commerce infrastructure. The company has earmarked more than $12 billion globally in recent years to bolster data security and combat cyber fraud resources that could potentially support Egypt’s digital transformation goals.
Egypt Poised to Become a Regional Fintech Leader
Concluding the meeting, Minister El-Khatib reaffirmed Egypt’s ambition to become a regional hub for financial technology and digital services. He emphasized that strategic partnerships with global technology leaders like Visa are essential to building a fully integrated digital economy that supports financial inclusion and enhances Egypt’s standing as a leader in technological innovation across the region.
The relocation of Visa’s regional center is not just a business decision it is a strong signal of confidence in Egypt’s direction and its potential to shape the future of digital finance in the region.
