Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Financial Inclusion Protects Gold Buyers, Dealers, Expands Marketing


Fri 24 Jun 2022 | 07:58 PM
walid Farouk

Dalia Fawzy, Director-General of the Electronic Payment and Collection Unit at the Minister of Finance's office, said that cash payment requires time and effort, as gold shops may be exposed to theft during the transfer of cash, affirming that electronic payment is the security of the merchant and buyer's money.

She explained, during the activities of the Egyptian (E) Jewelers' Forum, organized by "E Goldsmiths", that the provision of insurance is an incentive for the rapid expansion of the gold sector during the coming period towards digital transformation and financial inclusion, which provides the merchant and companies with knowledge of their accounts first-hand, through simple query processes that can find out all the amounts you earned throughout the day.

Fawzy said that the whole world is currently running with plastic (credit) cards, and the Ministry of Finance pledged to provide cards for the salaries of state workers, and these cards bear the national mark “A Advantage” and the Ministry affords the entire cost of this technology.

Fawzy pointed out that society began to change the prevailing culture through electronic transactions, which is transferring money to the account of another person, and the transfer of money to the current account will become at the same moment, starting from the 30th of this June.

She said that the provision of electronic payment will cause a boom in the Egyptian society, which is considered a guarantee for the retailer within the framework of the Ministry of Finance's goal to reduce paper currency and increase the use of plastic cards.

She noted that there are incentives for the retailer to use plastic cards, which is to secure his money, as there is no cash inside the store, and he can also know his total sales at the end of the day, and he also has a bank statement, and the merchant does not need to make more accounts or the presence of an accountant from basic.

Translated by Ahmed Moamar