Back to the complete issue
Sunday, 4 June 2017

Gov’t takes huge step forward on mobile payments policy

A huge step forward on mobile payments framework: A number of key decisions to set up a mobile payments framework for the country were taken by the National Payments Council at its inaugural meeting headed by President Abdel Fattah El Sisi on Saturday, Al Mal reports. The council, which includes as members Central Bank Governor Tarek Amer and the ministers of finance, planning, ICT, justice, interior, and defense, took five key decisions yesterday:

  • It will present draft legislation governing all non-cash payments and transactions within six months;
  • All state bodies are banned from making cash payments or payments using bank cheques for amounts over EGP 20,000 to private sector entities until 1 July 2018;
  • All state bodies that serve the public must develop a non-cash payment option;
  • Eliminating fees on opening mobile payment accounts for one year after, and cutting mobile transaction fees by half for six months;
  • Developing a strategy for e-governance, and tallying services which can be made electronic.

Developing a mobile payments strategy as part of an overall “financial inclusion” policy by the government had been announced last year (see our Year in Review: The new New Deal). The National Payments Council was formed early this year with an eye to developing such a strategy. More recently, CBE Governor Amer had hinted that a mobile payment strategy was in the works. We’re beginning to see action and groundwork being laid for the policy.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.