Visa International's Regional Manager for Egypt and Morocco Miah Termanini said that consumer demand for the company's credit cards in Egypt has increased by 25 percent over the last year only, reports said.
According to a report by MasterCard, that company also enjoyed strong customer growth, with an increase of 14.8 percent in 2000, reaching 160,000.
The volume of MasterCard business is estimated at $400 million for last year, making Egypt one of the biggest markets in the region, lagging behind only Saudi Arabia and the United Arab Emirates, the Middle East said, citing a report by Arabic daily Al Ahram.
"In the past, banks sought collateral as a safeguard against payment risks. As new technologies entered the banking system, banks gained effective and powerful tools such as credit scoring and monitoring systems for customer spending behavior," said Termanini.
"This enables them to reduce risks while expanding their credit offerings. The banks are now able to issue specific credit cards with specific services, depending on the individual client's needs," he said – Albawaba.com
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