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Egypt Independent
“Egypt has joined the list of countries whose central bank has successfully managed the transition to cashless economy”, the Egyptian Cabinet’s Information and Decision Support Centre (IDSC) announced on Sunday.
The announcement came through an infograph published by the IDSC on Sunday, entitled ‘Egypt is moving towards a cashless economy’, which highlights the most prominent findings on electronic payment and collection technology in ‘The Arab Region Fintech Guide’.
“The Central Bank of Egypt (CBE) is managing the process of transition to the digital economy, by establishing a financial inclusion unit, issuing mobile payment laws, a draft e-commerce law, and increasing support for small and medium enterprises, and establishing the National Payments Council”, the report indicated.
The electronic payment and collection technology sector in Egypt consists of 39 banks, 39 insurance companies, 900 microfinance companies and civil society organisations. It also includes four mobile phone network operators and 50 electronic payment and collection companies.
