According to local reports, Egypt is on the pathway to introducing a digital Pound as part of a digitalization program for financial services.
The Information and Decision Support Center of the Egyptian Council of Ministers has developed a research project titled ‘The Document on the Most Important Strategic Directions of the Egyptian Economy for the New Presidential Period (2024-2030).’
The project outlines the policies for the Egyptian economy until 2030, focusing on economic and social trends. Egypt, which is usually a leader in technology and startup innovation across the Middle East and North Africa (MENA), has set the goal to introduce a digital currency issued by the Central Bank of Egypt, represented by the Digital pound (E-Pound), by the year 2030.
The introduction of the digital pound (E-Pound) aims to enhance the competitiveness of the national currency and improve the efficiency of monetary policy. The move is part of leveraging opportunities presented by digital transformation to advance the Egyptian financial sector and elevate the effectiveness of monetary policy.
The research document outlines Egypt’s ambition to persist in the development of the country’s financial sector and leverage digital transformation to achieve a financial inclusion rate of 100 percent by 2030. This inclusivity target encompasses financial services and digital payment systems.
As part of its objectives, the Egyptian government aims to increase the number of digital financial wallets to around 80 million by the year 2030. This effort is aligned with the broader goal of fostering digital financial inclusion and expanding the usage of digital financial services in the country.
Abdel Moneim al-Sayed, the Director of the Cairo Center for Economic and Strategic Studies, emphasized the significance of the digital Pound following the recent announcement by the Central Bank of Egypt about its forthcoming issuance.
The digital pound will serve as the electronic counterpart of the traditional paper Pound, Abdel Moneim al-Sayed stated.
The digital Pound is expected to be transacted through the electronic payment system, representing one of the government’s objectives in embracing digital transformation and diminishing the reliance on paper currency transactions.
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