Cairo, EGYPT — In an effort to boost Egyptian economic growth, the Center for International Private Enterprise (CIPE), together with the Federation of Egyptian Industries (FEI) and the Federation of Egyptian Banks (FEB), released a robust study and proposed policy framework to move Egypt towards a cashless economy.
“Reducing Egypt’s dependence on cash transactions would boost economic opportunity in Egypt and make the economy more competitive globally,” Andrew Wilson, Acting Executive Director of CIPE, said today. “It would also foster transparency in financial transactions and promote the inclusion of Egypt’s large informal sector into the formal economy where their businesses can grow and prosper.”
The report was released locally at a national conference held in Cairo on May 19, which gathered 250 participants including government officials, parliamentarians, leaders from the industrial and banking sectors, economists, public opinion leaders, and media outlets.
“Transitioning to a cashless economy is urgently needed to improve the efficiency of economic and fiscal policies in Egypt and to strengthen business in the country,” FEI Chairman Mohamed ElSewedy said. Speaking on behalf of the banking sector, FEB Chairman Hisham Ezz El Arab added: “A series of regulatory reforms must be undertaken in order to effectively transform Egypt into a cashless economy.”
The study, which was prepared by former Deputy Prime Minister Zaid Bahaa El Din, provides an overview of Egypt’s cash-dominant economy, and puts forth actionable recommendations, policy suggestions, and proposed draft legislation aimed at transforming the Egyptian economy into a cashless economy. It is based on input from a wide range of public and private stakeholders.