Egypt Going Ahead Towards Non-Monetary Economy

The Cabinet Information and Decision-Support Center (IDSC) said Egypt's Central Bank is successfully running a transition process towards a non-monetary economy and is committed to change to a digital economy based on its comprehensive vision for 2030.

An infograph published by IDSC on Sunday shed light on the latest technologies introduced by the Egyptian government to turn to a digital economy. Egypt's measures have been included in a report on "the guidebook of the financial technologies in the Arab region."

The report underlined the establishment of a financial inclusion unit, the issuing of e-payment bills of mobile phones, issuance of e-commerce law as well as the support to funding of the micro- and small-scale projects.

The report also explained that e-payment methods comprised 39 banks, 39 insurance companies, 900 micro-scale financial companies, four mobile operators and 50 companies for the e-payment management.