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December 5, 2024 | 1 month ago
The Minister of Finance's guidelines at a coordination meeting
The Minister of Finance, Laaziz Faïd, chaired a coordination meeting on Tuesday to monitor the implementation of the action plan for the development of electronic means of payment (e-payment) and the modernization of banking services, according to a Ministry press release.
The meeting, held at the Ministry's headquarters, was attended by the general managers of public banks, the heads of the Société d'automatisation des transactions interbancaires et de monétique (SATIM), the GIE Monétique group, the Association des banques et des établissements financiers (ABEF) and the Union algérienne des sociétés d'assurance et de réassurance (UAR), as well as the Ministry's general managers. According to the same source, this meeting is a continuation of the regular consultative meetings that the Minister holds periodically with banking and financial sector institutions as part of the implementation of renewed governance of the financial sector, and to ensure periodic monitoring of the commitments made by the authorities concerned concerning the digitization of banking services, in particular the development of electronic payment.
In his speech, the Minister stressed that these consultative meetings "focus on defining priorities and proposing solutions to implement performance- and results-based management". He added that "they will be expanded to include all relevant stakeholders to contribute to the overall momentum of the major reforms set out in the program of the President of the Republic, in particular, that 2025 will focus on economic performance as a key year for Algeria".
2025, a year dedicated to the widespread use of e-payment tools
In this respect, Faïd insisted on "the need to improve resources by mobilizing all possible avenues and to meet the challenges imposed by the informal market by broadening the scope of economic and financial inclusion", adding that "the year 2025 will be a year dedicated to the widespread use of e-payment tools and the intensification of bank collection of savings placed outside the formal sector".
This approach is enshrined in the 2025 Finance Act, whose legislative provisions aim to "encourage the use of non-monetary means of payment, making the provision of modern means of payment compulsory for consumers, in addition to tax incentives for the parties concerned".
The Minister's guidelines covered several fundamental areas, "such as improving the services provided, particularly in terms of customer reception, diversifying the range of banking products and services on offer, supporting investors, providing advice and improving and strengthening the quality of portfolios and their expansion". Also discussed was "the implementation of projects to develop and modernize information systems, and the widespread digitization of operations".
Finding rapid solutions to the various issues raised
Representatives of the Treasury and Accounting Department presented during the meeting on implementing the institutional roadmap for the development of e-payment.
SATIM presented an overview of its activities in instant payment by cell phone (Switch Mobile). It also discussed its process of joining the international Visa and MasterCard networks, while ABEF presented an update on the availability of interbank e-payment.
Cards (CIB).
The Minister of Finance emphasized "the importance of rapidly finding solutions to the various issues raised, and of demonstrating responsibility", stressing "the need to complete projects on schedule and meet all challenges to achieve the objectives set, improve governance at all levels, stimulate investment and collect financial and fiscal resources".
The press release concluded "The meeting ended by setting recommendations aimed at "developing and modernizing e-payment facilities and promoting financial inclusion".
December 5, 2024 | 
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