Visa International has decided to intensify its Middle-Eastern presence. The commitment signifies the charge-card giant's attempts to capitalize on the growing number of business prospects in both Egypt and the region at large.
On April 12, the establishment of a new credit card issuing firm was consummated in Cairo, Al-Ahram Daily reported. The capital of the new company totals $2.5 million, with its stakeholders consisting of the following: the Egyptian government (5 percent), AT Technology (20 percent), Visa International (45 percent) and Egyptian banks (30 percent).
Alan Joselar, Visa International Products Executive Manager Deputy, announced that the new company would help the Egyptian government in realizing its goal of creating a society that does not use cash. Consequently, the company will gear toward establishing the required technological infrastructure to service 6 million card-holders until the year 2005.
According to Visa data, as of December 1999, the number of Visa card-holders in Egypt numbered 204,000, with an annual growth rate of 31 percent. Their sales volume reached EP820.8 million ($240 million), with foreign Visa card-holders charging $325.5 million to their cards in Egypt last year.
© 2000 Mena Report (www.menareport.com )