Egypt Launched First ATM for Vending Gold Bars

SEATTLE (Scrap Monster): Egypt announced launch of the first automated teller machine (ATM) in the country to sell gold bars. The collaboration between Banque Misr and local e-payment technology firm Finway was inaugurated by Egypt’s Minister of Supply and Internal Trade, Ali Moselhi in the capital city of Cairo.

The Minister noted that the development marks a big milestone achieved by the gold and jewellery industry and demonstrates the use of modern technology and innovation.

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The gold bar ATM will provide opportunity for its citizens to purchase gold bars in sizes they wish, according to their budget. The gold bar can be purchased in eight different weights, starting from 1 gram to100 grams. The ATM machine will be functional 24 hours a day, seven days a week. However, the details about the fees and location of the proposed ATM has not been disclosed yet.

In order to withdraw gold bars, customers need to place their debit/credit/smart card from bank into the ATM. They will be asked to enter the password, after selecting the desired weight of gold they intend to buy. The ATM machine will then dispense the gold bar as per customer order.

UAE was the first country outside of Germany to introduce ATM for gold coins. The ATM was installed in Emirates Palace Hotel, Abu Dhabi.

As per data, the country’s gold exports recorded surge by 45% year-on-year to reach $1.633 billion in 2022.