Egypt Introduces Novel Gold ATM, Expanding Accessibility to Bullion Bars

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Short Summary: Egypt is pioneering a revolutionary approach to gold accessibility, launching its inaugural automated teller machine (ATM) to provide citizens with direct access to gold bullion bars. Collaborating with Banque Misr and local e-payment technology firm Finway, this innovative initiative seeks to redefine the accessibility of gold for the public.

Three Key Highlights:

  1. Revolutionizing Gold Accessibility: Egypt’s introduction of the first-ever gold bullion ATM in collaboration with Banque Misr and Finway marks a revolutionary step in democratizing access to precious metals for its citizens.
  2. NEBU International Gold and Jewelry Exhibition: The inauguration of the ATM occurred during the Third NEBU Expo, showcasing Egypt’s commitment to modern technology and innovation in the gold and jewelry industry.
  3. Elevated Position in Global Gold Trade: Egypt’s ambition to position itself as a significant gold exporter to the Gulf countries, Italy, and Africa underscores its growing influence and role in the global gold market.

Egypt has made a groundbreaking move in facilitating gold acquisition by launching its pioneering automated teller machine (ATM) for gold bullion bars in collaboration with Banque Misr and Finway. Inaugurated at the NEBU International Gold and Jewelry Exhibition, this innovative step aims to democratize gold access while positioning Egypt as a key player in global gold trade, emphasizing the nation’s commitment to modern technology and industry innovation.

Unveiled at the Third NEBU International Gold and Jewelry Exhibition in Cairo, this milestone ATM will dispense one-gram bars, offering real-time updates to ensure accurate billing for buyers. Minister of Supply and Internal Trade, Ali Moselhi, inaugurated the initiative, emphasizing its role in democratizing access to precious metals. He also highlighted the nation’s ambition to position itself as a key gold exporter to Gulf countries, Italy, and across Africa.

While specific details regarding fees and ATM locations were not disclosed, Moselhi accentuated the substantial growth within the gold and jewelry industry, celebrating the amalgamation of modern technology and innovation. Additionally, a recent government decision to permit gold entry without customs fees further supports this endeavor.

This groundbreaking development aligns with the ongoing efforts to encourage digital transformation and financial inclusion within Egypt. The NEBU Expo showcased the latest advancements in the gold and jewelry sector, witnessing an increased participation of 50 local and international companies, as well as representatives from Germany, the UAE, China, Turkey, and Italy. This robust engagement indicates Egypt’s emergence as a significant player in the global gold trade market.

Hany Milad, head of the Jewelry and Goldsmithing Division, highlighted the remarkable growth of the NEBU Expo, spanning an exhibition area of 8,000 square meters in its latest edition, a substantial increase from its initial 3,000 square meters. The event gathered major industry players involved in production, trade, and distribution, alongside manufacturers showcasing cutting-edge equipment for gold production and trade.

Furthermore, statistics from the General Organization for Export and Import Control underscored Egypt’s escalating gold exports, growing by 45% to $1.633 billion in the past year, reinforcing its position as a formidable force in the global gold market.

This innovative ATM venture in Egypt echoes the pioneering move initiated by the UAE in 2010 when it introduced the first gold coin ATM outside Germany, strategically placed at Abu Dhabi’s Emirates Palace Hotel. The visionary behind this concept, German businessman Thomas Geissler, marked the emirate as an ideal launch pad for this revolutionary concept. Egypt’s foray into this realm reflects a broader trend in enhancing accessibility and convenience in the gold trade market, transforming the landscape of gold acquisition for citizens and stakeholders alike.

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