Meanwhile, the Central Bank of Egypt launched a new platform to manage mobile wallets electronically. Through this platform, users can make queries about any mobile wallets registered with their phone numbers as well as unsubscribe from the wallet for free without having to visit the branch of the service provider.
The Egyptian government aims to achieve financial inclusion and shift towards a digital society that is less dependent on cash. In this mandate, companies and legal persons are obligated to register their sales and purchases on a state-run electronic invoice system. Every taxpayer is obligated to issue an invoice or receipt in electronic form.
There are 31,000 companies registered on the e-invoice platform for B2B transactions. The volume of e-invoices processed daily is currently around 650,000 and is expected to rise to 1 million by March 2022. Egyptian electronic payment cards ‘Meeza’ will replace all government payroll cards by the end of January 2022, with around 4.3 million public sector workers receiving their salaries via Meeza already.
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