What can open banking do for Egypt?

What can open banking do for Egypt?

Akram Abdou is the founder of Egypt-based Underlie, an open banking platform offering application programming interfaces (APIs) to banks

Open banking is set to make an economic impact in any country that adopts it. Whether it's customer-merchant transparency or automation, all use-cases of open banking have made a direct impact to any country's gross domestic product (GDP).

Simply put, open banking is the ability for a customer to have full control of their bank account data. This would include two approaches: easily accessing that information, and easily sharing that information. Fundamentally, if data is money, then customers should have the freedom to share that data 'money' with whoever can provide them with financial benefits and services in return.