The Start Of Digital Payment And Collection Systems In Egypt

Recently, the Egyptian President and the Parliament approved the issuance of new law that enables the e-payment, with its objective to facilitate wider financial coverage in Egypt, and align with the global trends in adopting policies that reduce the monetary handling, and replace them with banking financial instruments.

Introduction of such Law suggests that the Ministry of Finance aims to switch from the cash payment system to mechanizing the financial transactions through electronic payments system and establishing a unified treasury system to merge the accounts of the Ministry of Finance and its interests in the Central Bank as well as reduce the risk of thefts, bank printing and to help fighting tax evasion and money laundering.