Egypt’s Finance Ministry intends to replace five million current payment cards with free Meeza payment cards.
With the issuance of the Meeza cards, state employees will be able to withdraw cash from ATM, carry out online transactions, buy products at POS and pay government dues through payment and collecting systems, reported Ahram Online.
The current payment cards are used to disburse dues of the state employees.
With this move, Egypt expects to usher in a new stage in digital transformation with financial inclusion, said Minister of Finance Mohamed Maait.
The Meeza cards will also enable people to receive services at real cost.
This move is in line the government’s plan to transform the country to ‘Digital Egypt’, a national project of economic importance.
Maait stated: “Egypt has made significant strides in this regard. All electronic systems in the finance ministry are expected to be fully completed by the end of June 2021 in line with Egypt’s national project of digital transformation.”
The minister further added that the payment and collecting system aims to save approximately 25% of the currency issuance cost. Furthermore, it will help to cut down around 50% of the time needed to avail a service.
During the trial phase, the project will see a contribution from BanqueMisr, the National Bank of Egypt, the Arab African International Bank, Banque du Caire, Emirates NDB, the United Bank, the Housing and Development Bank, the Commercial International Bank and the Arab Banking Corporation.