Egypt provides electronic channels for pension disbursement

Egypt provides electronic channels for pension disbursement

The Central Bank of Egypt (CBE), the National Telecom Regulatory Authority (NTRA), and the National Authority for Social Insurance have signed a cooperation protocol to provide new electronic channels for pension disbursement.The move is the latest of a number of decisions made by the National Council for Payments, headed by President Abdel Fattah Al-Sisi. It supports the state's direction to transform into a society less dependent on banknotes and to increase the use of electronic channels and other digital alternatives. It aims to support the national plan for financial inclusion and digital transformation across the country.The protocol was signed by CBE Deputy Governor Rami Aboul Naga, NTRA CEO Hussam Abd Allah Al-Gamal, and Major General Gamal Awad, head of the National Authority for Social Insurance.It aims to enable pensioners to obtain their dues in an easier, faster, and safer manner through electronic channels. This includes Meeza prepaid and debit cards, and mobile wallets supported by banks working in Egypt's banking sector and mobile companies.The protocol is significant in helping pension recipients meet their financial and banking needs easily, as these channels also allow the possibility to use the available balance in many services.These include cash withdrawal, transfer, payments of government