Egypt makes a move towards a cashless society
(Ecofin Agency) - Every payment above EGP100,000 (about $5,500) to government institutions should be done electronically from January 2019, Egypt’s finance minister announced last September 15.
According to the country’s authorities, this decision is part of the government’s plan to achieve financial inclusion and migrate towards a cashless society. Any citizen who will use cash for transactions beyond the above-mentioned volume will incur fines up to EGP10,000 (about $550).
Such decision is also part of the implementation of an Information Technology system for the country funds’ management (Système d’information sur la gestion financière du gouvernement-GFMIS). In that regard, Egypt has organized ongoing trainings, aimed at civil servants, on the use of the new electronic system. In the framework of that program, required infrastructure would be provided to public institutions.