Sisi approves cashless methods of payment law

CAIRO - 18 April 2019: Egyptian President Abdel Fatah al-Sisi signed Law No. 18 of 2019 on the issuance of a law regulating the use of non-monetary "cashless" means of payment.

The law was published in the Egyptian Gazette, which marks the start of its immediate operation. The law stipulates that all those addressed in the provisions of the law must adjust their situation according to its provisions within six months from the date of implementing its executive regulations.

In February, the House of Representatives approved the definition article of issuing a law regulating the use of non-monetary "cashless" means of payment.

The definitions included non-cash payment methods, which are all the means of payment such as deposit and transfer, and credit and debit cards. Payment will take place through mobile phones or other means approved by the governor of the Central Bank of Egypt.

The bank account, according to the article, is a contract according to which a person agrees with a bank registered with the Central Bank or one of the authorized entities to initiate the deposit or credit activity in Egypt.The account is used to record all transactions for payment, receipt and settlement of mutual payments in cash or through electronic cash units, such as: current account, savings account, time deposit account, mobile payment account, credit card and prepaid accounts.

Moreover, the article defined cash financing as financing by banks, mortgage finance companies, finance leasing or factoring, microfinance companies and associations, or any other authorized entity to work in this area.