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Egypt takes big step toward financial transparency and inclusion

The Egyptian government ceased financial transactions by paper checks this month and implemented a new electronic payment and collection system, although only 10% of citizens have relationships with banks.
Customers are seen at the National Bank of Egypt (NBE), also known as the Al Ahli Bank in Cairo, Egypt  March 10, 2016. REUTERS/Amr Abdallah Dalsh - GF10000340456
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CAIRO — On Nov. 26, the Egyptian Ministry of Finance issued a statement reiterating that after Friday, Nov. 29, all government institutions would stop processing paper checks drawn on the Central Bank of Egypt. Instead, as of Dec. 1, all state financial transactions would be carried out using electronic payment and collection through the Government Fiscal Management Information System (GFMIS).

The shift, which will significantly enhance transparency and counter corruption, represents a major step toward financial inclusion, which the World Bank defines as “individuals and businesses hav[ing] access to useful and affordable financial products and services that meet their needs — transactions, payments, savings, credit and insurance — delivered in a responsible and sustainable way.”

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