Egypt’s partial lockdown resulted in a surge in demand for telecoms services as business and social interactions moved online. While growth waned as lockdown measures eased, the pandemic has hastened digital transformation. Some trends that accelerated – including wider acceptance of remote work, digital payments and e-commerce portals – are expected to continue in the years ahead. This will lead to opportunities not only for investment, but also for public-private collaboration to strengthen digital infrastructure. Companies from retail to banking had to shift to virtual operations at the onset of the pandemic. These moves required renewed investment in ICT products and services – efforts that must be sustained in the coming years in order for companies to remain competitive as new trends emerge.
The creation of smart cities, the introduction of 5G networks, and companies’ adoption of disruptive technologies such as artificial intelligence (AI) and the internet of things (IoT) are expected to contribute to the continued expansion of the ICT sector. There has also been a concentrated effort on behalf of the government and the private sector to bring small and informal enterprises into the formal financial fold, as well as facilitate business operations amid social-distancing guidelines. Official efforts have in part relied on encouraging the uptake of mobile money and e-wallets, with companies such as local electronic payment network Fawry – Egypt’s first unicorn that was present in over 194,000 businesses as of early 2021 – contributing to this shift. Enhancing financial inclusion is expected to be a priority into the future, further cementing ICT’s role as the conduit of digital transformation across the economy.
Read More from OBG
