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Cooperation between the Central Bank and the Communications Authority to provide new channels for pension disbursement

The Central Bank of Egypt, the National Telecommunications Regulatory Authority and the National Authority for Social Insurance signed a cooperation protocol to provide new electronic channels for the payment of pensions, within the framework of the decisions of the National Council for Payments headed by President Abdel Fattah El-Sisi and the state's direction to transform into a society less dependent on banknotes and spread the use of electronic channels and alternatives to support the plan National financial inclusion and digital transformation.

Ramy Abul-Naga - Deputy Governor of the Central Bank of Egypt and Engineer Hussam Abd Allah al-Gamal - CEO of the National Telecommunications Regulatory Authority and Major General Gamal Awad - Head of the National Authority for Social Insurance signed the protocol and announced the start of coordination between them to implement the protocol's objectives as soon as possible.

This initiative aims to enable pensioners to obtain their dues in an easier, faster and safer manner through any of the following electronic channels, for example (prepaid cards and debit cards that bear the acceptance mark "Meeza" - the mobile wallets of banks and mobile companies that carry the mark Acceptance as a "digital advantage").

The protocol achieves a great leap for pension recipients in meeting their financial and banking needs easily and easily, as these channels also allow the possibility to use the available balance in many services, including cash withdrawal, transfer, payments of government dues, facilities and various entities, as well as payment of purchases through electronic points of sale or purchase through Websites and applications or using a QR code.

The scope of the protocol includes cooperation between the three parties in developing an action plan that will be implemented quickly to provide these electronic channels for those who deserve to spend their pensions through them and to develop easy and simple procedures that meet their needs to use these channels. The three parties also agreed to work continuously to overcome any obstacles that may face the beneficiaries of these channels.

It is worth noting that the national payment system "Meeza" was developed and operated by the Egyptian Banks Company for Technology Advancement (EBC), based on the initiative of the Central Bank of Egypt to establish payment card systems and mobile phone wallets with a national brand.