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.”