Promoting Industrial Growth and Encouraging Foreign Direct Investment in Egypt
Cashless Economy
- None of the laws regulating non-bank financial services include any provision that requires parties to use electronic payments or payments through bank accounts (e.g. Companies Law, Capital Market Law, Insurance Services Law, Mortgage Law and Financial Leasing Law).
Responsible Entities
Date 1/21/2019
- Include new provisions in the laws regulating non-bank financial services, such that non-cash payment mechanisms—bank accounts or electronic means, including mobile phones—become mandatory for concluding any transaction that involves buying, selling, installment payments, lease payments, or others.
Responsible Entities
Date 3/21/2019
- Article 5 of Law No. 18 of 2019requires the use of non-cash payment methods, whenever the due amount exceeds a threshold to be specified in the executive regulations. This applies to the following payments:
- Taxes; customs duties; fees and fines.
- Service fees and other dues owed to entities referenced in Article 4 of Law 18 of 2019.
- Cash finance installments, insurance policy premiums, syndicate subscriptions, and private insurance funds subscriptions.
- The disbursement of subsidies and donations through civil society organizations.
- The collection of payments associated with the sale, lease, use, or usufruct, of land, property, or express transport vehicles, by the state authorities, juridical persons, and establishments referenced in Article 2 of the law.
Responsible Entities
Date 3/11/2019