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10 things you need to know about digital registry of Egypt

Ministry of Supply, Visa, and CIB partnered together to create a digital registry of Egyptian businesses as well as an identification system.
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A digital registry is a system used to register and manage businesses in a country. Egypt wants to create a modern, digital system as part of the country's broader push to modernize its economy and reduce costs for companies, as well as be introduce more environmentally sustainable practices in governemnt bodies. Here are 10 facts about the new project.

1. Egypt will introduce a new digital registry for its 4.3 million businesses.

2. The registry will provide each business with a unique QR code and digital identification card.

3. The digital registry will replace paper licenses for members of the country's chambers of commerce and industry groups.

4. The new system aims to boost Egypt's digital transformation and financial inclusion.

5. The cards can be used for various transactions including business license renewals, opening new branches and withdrawals from ATM machines.

6. Business registrations in the first quarter of 2023 increased by 5% from a year earlier to 1.5 million.

7. The new system is part of Egypt's broader push to modernize its economy and reduce costs for companies.

8. Visa and CIB, Egypt's largest bank, will help link the business registry's databases and 108 offices nationwide.

9. Egypt invested USD 3.2 billion in digital infrastructure upgrades and tech projects in 2022.

10. The changes are expected to significantly streamline business practices in Egypt and drive greater levels of efficiency and financial access.