By Menna Majd
Egypt proudly introduces its first Gold Bar Automated Teller Machine (ATM), a collaborative effort between Banque Misr and local e-payment technology firm Finway. The initiative, launched at the Third NEBU International Gold and Jewelry Exhibition in Cairo, signifies a milestone in making gold more accessible to Egyptian citizens.
Minister of Supply and Internal Trade, Ali Moselhi, presided over the inauguration, emphasizing the profound impact of modern technology on Egypt’s gold and jewelry industry. The ATM, designed to dispense one-gram gold bars, promises real-time updates for buyers to ensure accurate billing.
This user-friendly initiative seeks to empower citizens with convenient access to precious metals, democratizing the gold investment experience. Minister Moselhi expressed aspirations for Egypt to emerge as a key gold exporter to Gulf countries, Italy, and the broader African region, underlining the strategic significance of this venture for the country’s economic landscape.
While specific details on fees and ATM locations were not disclosed, the Minister highlighted the vital role of the gold and jewelry industry in Egypt’s economic progress. The recent decision to allow the entry of gold without customs demonstrates the government’s commitment to creating an enabling environment for the industry.
Echoing this commitment, the government’s approval to extend the zero-custom initiative for gold imports by Egyptians abroad for six months, ending on 10 May, reflects a dedication to market stabilization. Reports from the General Organisation for Export and Import Control reveal a notable 45% growth in Egyptian gold exports, reaching $1.633 billion last year.
Egypt’s entry into gold-dispensing ATMs aligns with a global trend, reminiscent of the UAE’s 2010 initiative. This move signifies a transformative moment, making gold investments more accessible and convenient for Egyptian citizens. The Gold Bar ATM embodies Egypt’s commitment to blending tradition with innovation for the benefit of its people.
