Damen Sees AI Driving Egypt’s Next Digital Payments Boom, Says CEO
Egypt's digital payments industry is entering a new phase of growth as artificial intelligence dramatically shortens product development cycles and the country's continued reliance on cash creates significant room for fintech expansion, according to Sameh El Mallah, Chief Executive Officer of Damen for Electronic Payments.
Speaking during a televised interview, El Mallah described Egypt's payments landscape as one of the region's most promising markets, arguing that the transition from cash to digital transactions is still in its early stages despite rapid progress in recent years.
"The market still has enormous untapped potential," he said, noting that millions of Egyptians continue to rely on cash for everyday transactions, creating opportunities for payment providers to accelerate financial inclusion and expand access to digital financial services.
Artificial intelligence, he added, is becoming one of the industry's biggest competitive advantages. At Damen, technologies powered by AI have reduced the time required to build and launch new digital services from four months to just three days, allowing the company to respond more quickly to changing customer demends.
Rather than replacing software engineers, El Mallah said AI has significantly increased the productivity of Damen's development teams by accelerating coding, improving software quality and identifying cybersecurity vulnerabilities earlier in the development process.
The company currently serves more than 10 million customers and processes approximately one million transactions every day, supported by a nationwide network that extends into remote and border governorates where digital financial services remain less accessible.
Beyond consumer payments, Daman has continued expanding its portfolio through partnerships with government entities. Its network now enables customers to receive postal money orders, recharge NFC-enabled smart utility meters, collect government salaries and pensions, and access social support payments, including benefits under the Takaful and Karama programme.
El Mallah also highlighted the company's growing focus on digital public services, saying future growth will increasingly depend on closer integration between fintech platforms and government digital transformation initiatives.
Cybersecurity remains a strategic priority, he said, with Damen operating secure infrastructure designed to protect customer data and comply with regulatory requirements set by Egypt's financial authorities.
Looking ahead, El Mallah identified digital identity as one of the most transformative developments for Egypt's financial sector, arguing that secure digital identification will enable customers to complete financial transactions remotely without visiting branches, paving the way for faster onboarding, broader financial inclusion and more efficient digital services.
He also praised national initiatives aimed at developing digital talent, stressing that investment in skilled technology professionals will be critical as fintech companies compete to deliver increasingly sophisticated AI-enabled financial services across the Egyptian market.