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Monday, 17 September 2018

FinMin to launch new national system for e-payments

**#4 Is the Finance Ministry about to compete with the likes of Fawry? The Finance Ministry is planning to launch a new national electronic payments system that could see it roll out ATMs and point-of-sale (PoS) terminals at which people will be able to pay bills and fees for government services, sources close to the matter tell Al Mal. Banks including the National Bank of Egypt and Banque Misr have already agreed to supply the PoS terminals to support the ministry’s plans, as the government move to make e-payments mandatory as of January 2019 and continues to push policies for financial inclusion and a transitionto the cashless economy.

A national debit card? The new system will also see state-controlled banks issue debit cards for the unbanked portion of the population for a nominal fee that will likely range from EGP 10-15, the sources add. This comes as Deputy ICT Minister Khaled El Attar tells the newspaper that the ministry is in talks with the central bank about the possible roll-out of a new national card system that would allow citizens to pay for state services, receive social welfare and pension payments, as well as receive their healthcare benefits. The Finance Ministry had issued a statement on Saturday saying that all government payments, including fines, would be settled electronically as of next year under the amended Government Accounting Act.

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