CBE to introduce instant payment module, soft POS in 2021 – Deputy Governor

CBE to introduce instant payment module, soft POS in 2021 – Deputy Governor

By: Marina Gamil

Cairo - Mubasher: The Central Bank of Egypt (CBE) will this year launch a full-fledged instant payment module, after finalizing regulations, and introduce a soft point of sale (POS) system that allows the use of mobile phones as POS, CBE Deputy Governor Rami Aboul Naga revealed.

The move comes as part of the central bank's strategy to accelerate digital transformation and investments in the banking system, the Deputy Governor said during a recent webinar organised by the British Egyptian Business Association (BEBA) titled "A Brave New World: Digitalisation of the Banking System."

Cryptocurrency

The deputy governor highlighted the reasons behind the CBE's warnings issued last month and earlier in January 2018 against trading cryptocurrencies, despite increased institutional demand with some companies like Tesla heavily investing in bitcoin and accepting it as a means of payment.

"The concern and the warning did not emerge because we disregarded the cryptocurrency. On the contrary, we are following it, and we are onboarding very young talents at the central bank to understand these kinds of technologies and how we would best address them,“ Aboul Naga said in reference to cryptocurrency and blockchain.