The Central Bank of Egypt (CBE) works on strengthening the e-payment infrastructure in order to transform into a society less dependent on banknotes, and to achieve the independence of payment systems within Egypt, according to Ehab Nasr, the CBE Assistant Subgovernor for Payment Systems and Services. He explained that the statistics indicate an increase in citizens’ awareness of the use of electronic payment channels and means, which led to a noticeable increase in those transactions and a decrease in the rates of cash transactions, which contributes to achieving the vision of the National Payments Council to transform into a society less dependent on banknotes. He said that about 1.33 million transfer transactions were conducted through the instant payments network and the InstaPay application, and the value of these transactions amounted to EGP 6.43bn until the end of June 2022, since its launch on 22 March 2022. © 2022 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

Source: The North Africa Journal August 09, 2022 14:00 UTC