Egypt switches to digital payments
The Egyptian government will start implementing a law soon, regulating non-cash payments and switching to electronic payments in some cases.
CAIRO — Despite people’s concerns over the digitization of payments, Egyptian Minister of Finance Mohamed Maait affirmed April 16 that the Egyptian government is to implement the E-Payments Act as of May 2019. Maait made his statement during a meeting that grouped ministers of finance and central bank governors from across the Middle East-North Africa region. The managing director and chairwoman of the International Monetary Fund (IMF), Christine Lagarde, also attended the meeting, which was part of the 2019 Annual and Spring Meetings of the IMF and the World Bank, held from April 8-14 in Washington, DC.
In addition to leaders of the IMF and the World Bank, the yearly Spring Meetings are held between governors of central banks and ministers of finance from all over the world, as well as many economic experts. The meetings discuss the main economic challenges facing the world, including poverty, development and the effects of the funds offered by both the IMF and World Bank.
On March 11, Egypt’s parliament voted in favor of the E-Payments Act, which regulates cashless payments. The law includes 13 articles requiring all government, private and public institutions, syndicates, and any other private or public entity to electronically pay taxes; customs fees; purchase, sales and rent fees; usufruct rights; bank loans; insurance premiums; and payments for electric, natural gas, water and sanitation services. E-payment is to be used in the abovementioned cases whenever the fees exceed the amount specified by the act or by a decision issued by the Minister of Finance.
The law stipulates that all entities use e-payment to pay fees for government entities or syndicates for services such as electricity, natural gas, water and sanitation; different products; or fees for syndical memberships that exceed the legally specified ceilings.
