CBE launches initiative to encourage electronic payment amid COVID-19

CAIRO- 24 May 2020: The Central Bank of Egypt (CBE) has launched an initiative to increase the electronic payments and reduce the need for cash, as part of the protective and precautionary measures to halt the outbreak of coronavirus pandemic.

CBE's initiative aims at easing the financial services for citizens with affordable costs and supporting the electronic payment infrastructure in an attempt to achieve the goal of financial inclusion.

CBE said that it would bear the cost of deploying 100 thousand POS devices nationwide till December 2020.

It directed starting deploying these POS in the most active commercial activities and points, such as supermarkets, gas stations, and pharmacies.