The Central Bank of Egypt (CBE), the National Telecom Regulatory Authority (NTRA), and the National Authority for Social Insurance have signed a cooperation protocol to provide new electronic channels for pension disbursement.
The move is the latest of a number of decisions made by the National Council for Payments, headed by President Abdel Fattah Al-Sisi. It supports the state’s direction to transform into a society less dependent on banknotes and to increase the use of electronic channels and other digital alternatives. It aims to support the national plan for financial inclusion and digital transformation across the country.
The protocol was signed by CBE Deputy Governor Rami Aboul Naga, NTRA CEO Hussam Abd Allah Al-Gamal, and Major General Gamal Awad, head of the National Authority for Social Insurance.
It aims to enable pensioners to obtain their dues in an easier, faster, and safer manner through electronic channels. This includes Meeza prepaid and debit cards, and mobile wallets supported by banks working in Egypt’s banking sector and mobile companies.
The protocol is significant in helping pension recipients meet their financial and banking needs easily, as these channels also allow the possibility to use the available balance in many services.
These include cash withdrawal, transfer, payments of government dues, utilities, and various entities, as well as payment of purchases through electronic points of sale or online using a QR code.
The scope of the protocol includes cooperation between the three parties in developing an action plan that will be implemented quickly to make these electronic channels available. It will also seek to develop easy and simple procedures that meet user needs in these channels.
The three parties also agreed to work continuously to overcome any obstacles that may face the beneficiaries of these channels.
It is worth noting that the national payment system, Meeza, was developed and operated by the Egyptian Banks Company for Technology Advancement (EBC). It is based on the CBE initiative to establish payment card systems and mobile phone wallets with a national brand.