Business and banking community take well to National Payments Council decisions

Banks, businesses welcome the National Payments Council’s mobile payments strategy: Five resolutions passed by the National Payments Council at its inaugural meeting on Saturday are a step in the right direction and will help Egypt achieve its goals of financial inclusion and incorporating informal businesses into the formal economy, CIB Chairman and head of the Federation of Egyptian Banks Hisham Ezz Al Arab tells AMAY. The decisions, which will help set up a framework for mobile payments in the country and curb cash transactions with the government, were also cheered by Housing and Development Bank Head Fathy El Sebai, who said that a mobile payments strategy will help transition Egypt to a cashless society and develop the infrastructure for the financial and banking systems, which will facilitate doing business here.