Intuitively, we understand that the crisis will not only

force many organisations to seek alternative strategic

paths, but will also force some to seek them. While the
C-19 crisis has posed enormous challenges to business
organisations, it has also necessitated innovation,
providing opportunities for organisations to identify
new business models that will allow them to survive the
crisis.
Organizations believe that technology is required to
manage the activities in a firm's value chain or business
process efficiently and effectively. Banking and financial
institutions, in particular, have a high product and
process information intensity, allowing for complete
digitization of their services.

Banks and financial institutions benefited from being

early adopters of technology, and as a result, have been
relatively insulated from the negative business impacts
of C-19. Following the C-19 crisis, banks have seen a
significant increase in the use of online banking
services and digital payments4. Although this is not
surprising, what is intriguing is the accelerated shift to
digitization of processes that banks have been hesitant
to move online in the past.
As a result, the Egyptian government, as represented
by the Central Bank of Egypt, plays an important role in
emphasising the deployment of technology in the
banking sector.
Changes in business models: Covid-19's Influence -
ScienceDirect
III. The Egyptian Central Bank's Initiatives
As part of the protective and precautionary measures to
halt the spread of the coronavirus pandemic, Egypt's
Central Bank (CBE) has launched an initiative to

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 increase electronic payments and reduce the need for
cash.
The CBE initiative aims to reduce the cost of financial
services for citizens while also supporting electronic
payment infrastructure in order to achieve the goal of
financial inclusion.
CBE stated that it would bear the cost of deploying
100,000 POS devices across the country until December
2020.
It directed that these POS be deployed in the busiest
commercial activities and points, such as supermarkets,
gas stations, and pharmacies.

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