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Thursday, 4 March 2021

You have six more months to get in line with the E-Payments Act

Private sector companies and government bodies have an additional six months to install electronic payment terminals on-site, as mandated by the E-Payments Act’s executive regulations. The additional grace period earned approval from the Madbouly Cabinet yesterday, according to a statement out following their weekly meeting. The law, which passed the House of Representatives in 2019, requires public and private sector entities to make payments electronically. It also aims to gradually get everyone to pay for their everyday purchases electronically wherever possible by putting limits on accepting banknotes as payment. Cabinet had signed off last September on a six-month grace period for everyone to get their ducks in a row, which is set to expire later this month.

Also approved yesterday:

  • Pushing the retirement age for 145 medical doctors by two years to 62 to prop up the country’s healthcare system during the pandemic;
  • Incentives for those who purchase locally-produced electric vehicles (which aren’t specified in the statement);
  • Tapping state-owned Telecom Egypt to set up fiber optics infrastructure in the third phase of the CIT Ministry’s plan to extend the network to all governorates.

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