Source: Middle East Institute
Author(s): Alaa Mazloum
Original Link: https://www.mei.edu/publications/expanding-use-e-wallets-egypt-strengthening-social-contract-one-transaction-time
Egypt, like much of the Middle East and North Africa (MENA), is experiencing an unprecedented digital transformation. Governments throughout the region are embracing emerging technologies, particularly in governance and, increasingly, financial management. Countries across MENA are adopting information and communication technology (ICT) strategies, such as the ICT Vision 2030 in Egypt. Egypt’s plan aims to develop a knowledge-based society by means of a strong digital economy built on reliable, affordable, and equitable access to digital tools. Developing safe, equitable, and well-managed digital payment systems will be key to the country’s ICT strategy and to its economic development efforts more broadly. Effective use of digital payment systems to administer cash-based social aid programs, including huge social programs such as “Takaful and Karama,” could have an enormous impact on Egypt’s economy and serve as a model for other developing digital markets. Poorer segments of society stand to benefit the most because they tend to rely on cash aid programs but often lack access to the formal financial sector. With this transformation, Egypt could strengthen its overall social contract by providing greater economic inclusion.
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