The Central Bank of Egypt (CBE) welcomed the parliament’s approval of the E-Payment Law which will regulate non-cash payments, the Deputy Governor of CBE, Lobna Helal, said on Tuesday.
She explained that one of the goals of the new law is to enable the Egyptian society to turn into a digital one. She pointed out that this law is crucial for providing the legislative environment necessary for the Egyptian economy to move forward.
Helal stressed that the law was the result of intensive efforts by all ministries and departments of the CBE as well as the concerned institutions that worked to put forward a regulatory framework for non-cash payments and improve banking services for all segments of the society.
Helal added that the studies made in preparation to this law aimed to gradually push Egypt towards a cashless society. The opinions and suggestions made by the work groups that have previously been formed were also utilised. There were also studies holding comparisons with similar legislations in other countries, in addition to recommendations made by specialised international experts in the field, all of which contributed toward preparing a law that applies the international standards and considers the uniqueness of the Egyptian case.
These studies were made in cooperation with the ministries of defence, interior, finance, planning, justice, and communications; the Administrative Control Authority; the Financial Regulatory Authority, the National Coordinating Committee to Combat Corruption, Egyptian banks, and other specialised bodies.
Moreover, the Deputy Governor of the CBE for Payment Systems and Information Technology, Ayman Hussein, said that enforcing the new law will be over several phases, especially that the current infrastructure is completely ready for that, and no citizen would have to bear any financial burdens or extra expenses.
The new law obliges the bodies offering services to the public or managing public utilities to allow clients to use non-cash payment methods, he added, stressing that the law aims to facilitate payments for citizens and curb corruption and bureaucracy.
Hussein pointed out that the CBE is willing to cooperate with the bodies subject to the law to prepare execution mechanisms of the law. He added that the law have taken into consideration the principle of gradual application through giving the concerned bodies enough time to prepare for the transition.