By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
    TikTok updates its community guidelines
    March 23, 2023
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    March 23, 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    March 23, 2023
    EFG Hermes records EGP 11bn revenue in FY22
    EFG Hermes records EGP 11bn revenue in FY22
    March 23, 2023
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    March 23, 2023
  • Politics
    PoliticsShow More
    Egypt's Health Minister discuss bilateral cooperation with an Italian delegation 
    Egypt’s Health Minister discuss bilateral cooperation with an Italian delegation 
    March 23, 2023
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
    Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
    Opinion| Türkiye and Egypt: For better times with many opportunities
    March 22, 2023
    Drought caused 43,000 deaths in Somalia in 2022: UN
    Drought caused 43,000 deaths in Somalia in 2022: UN 
    March 22, 2023
    Opinion| The Chinese dragon occupies America's place in the Middle East
    Opinion| The Chinese dragon occupies America’s place in the Middle East
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Future of cash: will it become obsolete?
Share
Notification
Latest News
Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
EFG Hermes records EGP 11bn revenue in FY22
EFG Hermes records EGP 11bn revenue in FY22
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Technology > Future of cash: will it become obsolete?
InterviewsTechnology

Future of cash: will it become obsolete?

Ahmed Lamloum
Last updated: 2019/01/29 at 11:27 PM
By Ahmed Lamloum 6 Min Read
Share
SHARE

Egypt’s President Abdel-Fattah Al-Sisi wants to modernise the country by improving the telecommunications infrastructure, establishing smart cities, and enabling citizens to use digital services. “We are on the right path toward a digital society,” Al-Sisi stated at the Cairo International Exhibition and Conference on Telecommunication and Information Technology last December.

This month, Egypt hosted the second edition of the Financial Inclusion Global Initiative Symposium, which is organised by the International Telecommunication Union (ITU), jointly with the World Bank Group (WB) and the Committee on Payments and Market Infrastructures with the support of the Bill and Melinda Gates Foundation.

The country is one of three countries, alongside China and Mexico, to receive technical assistance from the Financial Inclusion Global Initiative community to promote digital financial inclusion.

Daily News Egypt interviewed Bilel Jamoussi, the Chief of the study groups department in the Telecommunication Standardization Bureau at the ITU, and Amr Moussa, the minister advisor for digital economy at the Egyptian Ministry of Communications and Information Technology (MCIT), as well as Ehab Nasr, the head of payment systems at Central Bank of Egypt (CBE), attempting to get a clear picture of how Egypt’s adoption of cashless payment will proceed.

Three challenges face adoption of e-payments: ITU official

How does the ITU see the Egyptian government’s efforts to upgrade the IT services?

The ITU is proud that Egypt is one of the three countries we work together with in order to implement digital financial inclusion, the programme is under the supervision of the ITU, jointly with the WB, and with the support of the Bill and Melinda Gates Foundation.

We work with the National Telecom Regulatory Authority (NTRA), the MCIT, the CBE, and the Financial Regulatory Authority in order to find solutions for legislative and technical issues, so that the implementation of financial inclusion in Egypt happens faster and in a more comprehensive way.

Egypt Post plays a key role since it has the ability to reach all parts of the country, as it exists in all the Egyptian villages and in all regions. Additionally, there is mutual trust between the post’s employees and the community. This trust enables the digital financial inclusion become easier.

Today most of Egyptians have a mobile phone, even if it is a simple mobile phone. By using it, citizens can have an access to banking services through sending and receiving money and by paying for services. This is the objective of the digital financial inclusion in Egypt, China, and Mexico.

Bilel Jamoussi

What are the challenges that could impede the implementation of the digital financial inclusion?

The first challenge is the legislation because the financial and technological sector are different sectors with different ministries. This occurs in all countries of the world and not only in Egypt, so there must be a constructive dialogue between the officials of the telecommunications sector and the banking sector in order to find solutions regarding the legislative and technical issues in order to find solutions for the Egyptian citizen.

On the technical aspect, there are three challenges. The first challenge is the acceptance of electronic payments, so the merchant and customer must have the tools which enable them to use digital payment rather than cash.

The second challenge is the presence of a digital identity, as we cannot talk about digital transactions without a digital identity, it is actually the cornerstone for building confidence in electronic financial transactions.

The third challenge is having a strong infrastructure of cybersecurity in order to encourage people to have confidence in digital financial transactions. The team which deals with this matter should have many protocols to be used to create secure transactions between the citizen, who uses the mobile phone, and the merchant.

Those are the three challenges, and we try to find solutions for each country which applied for financial coverage including Egypt, China, and Mexico.

What are the other programmes which the ITU is working on in Egypt?

One of the most important goals we have is to help facilitate communication in all countries. Today, 50% of the world’s citizens have access to the internet, and the other 50% need to have access as well. This is the most important concern for the ITU. Our duty is to connect citizens and enhance communication in all countries of the world.

Our second task is to build services such as financial services, health services, as well as transport services, those are the ITU’s strategic goals.

Some people have concerns that the use of technology will increase unemployment, what is your opinion on that matter?

The internet, mobile phones, and other technological tools are actually creating new jobs and new opportunities, and the investment in the ICT sector can result in 10 times higher profits. We can create job opportunities, and even export software services. I think this fear is subjective and incorrect. The world’s fastest growing countries have invested in the ICT sector.

You Might Also Like

International powerhouse brands turn to inaugural GITEX Africa 2023 as launchpad to scale operations in the world’s next biggest digital economy  

DNE Awards honours e-Finance Investment Group as Most Influential in Digital Transformation

Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz

Interconnected healthcare systems in Africa require political will from North African leaders: Amref official

Three AI experts on how access to ChatGPT-style tech is about to change our world – podcast

TAGGED: Abdel Fattah Al-Sisi, Bilel Jamoussi, ITU, WB, World Bank Group
Share this Article
Facebook Twitter Email Print
Previous Article Earth core started to solidify 565m years ago, unlike previous beliefs
Next Article We must have national strategy for digital financial inclusion: Moussa
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?