Banking

Egypt’s banking sector has shown itself capable of weathering difficult economic circumstances in recent years. However, profitability has been challenged by a range of forces, including significant changes made in 2016 to the regulatory framework surrounding lending activity and a shortage of foreign currency that negatively affected the daily operations of banks and wider investor sentiment. The sector is also undergoing something of a shake-up in terms of ownership, following an announcement in 2016 by the Central Bank of Egypt that the country intends to sell stakes in two state-owned lenders. Egypt’s banking sector is likely to continue to face some significant changes in 2017-18. The country’s lenders are still well placed to weather volatility, and are generally in good health, but the coming months will test their ability to adapt to changing circumstances.

This chapter contains an interview with Khalid Elgibali, Division President, Mastercard MENA.