Pensioners Can Soon Receive Payments on Their Phone
Starting this August, pension recipients can set up mobile electronic wallets on their smartphones where they will be able to receive their payments.
Pension disbursements can now be paid out to senior citizens through their phones after the National Social Insurance Authority signed a new cooperation protocol with Vodafone Egypt, Orange Egypt, Etisalat, and WE.
Starting this August, pension recipients can set up mobile electronic wallets on their smartphones by going to a branch of their mobile network operator and submitting a request for digital pension disbursements.
The establishment of new channels for pension payments achieves multiple ends, such as increasing access to financial services for Egypt’s unbanked population which - according to a 2019 report by the World Bank - represented 67% of the country.
Additionally, the introduction of new payment channels supports the National Telecommunications Regulatory Authority’s (NTRA) strategy of reducing physical cash-dependency across the country and moving towards the adoption of electronic payments.
Elsewhere, electronic wallets can also be used for various other financial services, including cash withdrawals, transfers, and utilities payments.
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