More financial inclusion for pensioners + PayTabs, valU services coming to LuLu
Pensioners will soon have access to “new electronic channels” to receive and use their monthly payments under an MoU the Central Bank of Egypt (CBE) signed with the National Telecom Regulatory Authority (NTRA), according to a joint statement (pdf) yesterday. The CBE-led initiative will allow more pensioners to use local card scheme Meeza and other types of prepaid cards and digital wallets offered by mobile network operators and banks. This should allow them access to more ATM machines, points of sale, online stores, utility bill payments, and QR transactions.
Egypt’s cashless drive: The MoU comes as part of a government strategy to cut back on the use of physical money and promote e-payments. The Finance Ministry began in 2019 distributing Meeza debit cards to make state benefits available electronically to pensioners, civil servants, and subsidy recipients. Authorities also made it mandatory for government payments over EGP 500 to be paid electronically. In parallel, the CBE launched a drive to finance commercial banks’ purchase and distribution of points of sale nationwide, and is planning to have 1 mn of those machines in use nationwide within three years to bring more people into the formal financial system.