Electronic payment companies rely on National Council for Payments to play larger role

Mohamed Alaa El-Din
2 Min Read

Electronic payment companies are relying on the National Council for Payments to set new rules that organise the electronic payment market in order to offer new services. This will allow the electronic payment companies to play a larger role with banks within the state’s plan to achieve financial inclusion.

Electronic payment companies help banks spread their services across different geographic areas in the country, especially those where expansion is difficult. These companies face several challenges, most prominently the difficulty of integrating their systems with the systems that banks work according to. At the same time, companies have stressed their optimism for the growth in the sector over the upcoming period, especially after the decision made by the presidency to establish the National Council for Payments.

Several workers in the field of electronic payments expect the market to witness a leap in the services of payment via mobiles this year. Some see that facilitating the procedures to open bank accounts will help the state apply the plan of financial inclusion through the integration of electronic systems of the Civil Status Authority in the Ministry of Interior and the other government agencies and banks, allowing opening smart accounts through the outlets of electronic payment companies.

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