Egypt has launched its maiden automated teller machine (ATM) specifically designed to vend gold bars, heralding a new era in democratizing access to precious metals. Developed through the collaborative efforts of Banque Misr and local e-payment technology firm Finway, the innovative ATM made its debut in Cairo during the Third NEBU International Gold and Jewellery Exhibition.
The ATM, a one-of-a-kind venture, dispenses one-gram gold bars, offering citizens a novel and convenient way to invest in precious metals. Real-time updates ensure accurate billing for buyers, marking a significant technological leap in the gold and jewelry industry.
Minister of Supply and Internal Trade Ali Moselhi, speaking at the inauguration ceremony, underscored the initiative’s importance in making precious metals more accessible. He outlined ambitions to position Egypt as a major gold exporter, particularly targeting Gulf countries, Italy, and other African regions. While specific details regarding fees and ATM locations were not disclosed, Moselhi emphasized the transformative impact of modern technology and innovation on the gold industry. Additionally, he announced a decision to permit customs-free entry for gold.
This development aligns with recent efforts by the Egyptian government to boost the gold market. Earlier this month, the zero-customs initiative for gold imports by Egyptians abroad was extended for six months, citing its stabilizing effect. The General Organisation for Export and Import Control reported an impressive 45% growth in Egyptian gold exports, reaching $1.633 billion in the previous year, up from $1.126 billion in 2021.
Egypt’s bold move draws parallels with the United Arab Emirates (UAE), which pioneered gold-dispensing ATMs back in 2010. This initiative, conceptualized by German businessman Thomas Geissler, responded to the region’s heightened demand for gold and found its home in Abu Dhabi’s luxurious Emirates Palace Hotel.
