Algeria has the capacity to rapidly develop mobile payments

The Minister of Knowledge Economy, Start-ups and Micro-enterprises, Mr. Yacine El-Mahdi Oualid, confirmed in Algiers on Tuesday that Algeria has the ability to achieve rapid development of mobile payments, stressing that Algeria has seen an “increase” in the number of financial technology operators in recent years (fintech) and e-commerce.

These statements were made during the thematic conference on “Government Strategy for the Development of Financial Technologies and Electronic Payments in Algeria”, organized on the sidelines of the 2nd Summit of Financial Technologies and Electronic Commerce, which began on Tuesday at the National School of Hotels and Restaurants (Algiers), and which will continue until Thursday with the participation of several experts, entrepreneurs and players in the currency and technology sectors.

“Algeria has the capacity to develop mobile payments very quickly, a payment method that will be the solution to the delay in the generalization of electronic payment terminals (TPEs),” said Mr. Oualid.

In this context, the Minister stated that there is a “historic opportunity” to catch up with the delay in the generalization of electronic payment terminals, which, according to him, represents an opportunity for providers of mobile payment services, before the introduction of which it is important to use the experience of some countries in this area, especially Asian countries.

The minister highlighted that Algeria has seen an “increase” in the number of players specialized in financial technology and e-commerce in recent years, especially after the government decided through the Monetary and Banking Law to facilitate electronic payments in order to achieve financial inclusion.

In a press statement, he said that the number of companies authorized to provide e-payment services for merchants is more than 50 companies, adding that the value of financial transactions through e-payments is a “net increase” since the Covid-19 pandemic.

For the minister, “another challenge” is to secure international card payments in order to allow Algerian companies to receive funds in foreign currencies, adding that “there will be new developments on this topic over the next month.”

In his speech, the Minister of Posts and Telecommunications, Karim Bibi-Triki, confirmed that “Algeria has made significant progress in the development of its communication technology infrastructure in recent years. information and communication (ICT)’.

In this regard, he said that the number of households that have fixed internet has increased from around 3.5 million households in 2020 to the current 5.7 million households with the aim of reaching 6 million households by the end of 2024, stressing that his ministerial the union has been working to generalize fiber optic technology, knowing that 1,100,000 homes (50,000 in 2020) have been connected.

Triki further highlighted that the number of mobile subscribers has increased from 37 million subscribers in 2020 to 46 million subscribers today.
Regarding electronic payments, the minister noted that the number of “Edahabia” cardholders has increased from 6 million in 2020 to 12.5 million at present, recording 66 million electronic payment transactions through the “BaridiMob” application in 2023 compared to 5 millions. in 2020.

He noted that start-ups, financial institutions and the Algerian economy are capable of reaching higher levels than those seen in electronic payments.

During the session on the first day of the summit, several issues were addressed, such as data protection, participatory financing, the role of e-commerce in the export of Algerian products and services, as well as digital banking.

Organized under the auspices of the Ministry of Posts and Telecommunications, the Ministry of Knowledge Economy, Start-Ups and Micro-Enterprises and the Ministry of Trade and Export Promotion, this summit is of “vital importance”, strategic” as a vital link between all players in the field of fintech and electronic payments.

As part of the summit, an exhibition was organized with the participation of more than 100 exhibitors representing public and private institutions belonging to the financial technology and e-commerce ecosystem, including financial institutions, banks, insurance companies, start-ups, hosting service providers, as well as delivery service providers.

This edition stands out for the creation of a unified network for e-commerce, which aims to provide advice and guidance to entrepreneurs in the sector, as well as a space dedicated to start-up businesses (start-up village), in addition to the space dedicated to e-commerce.

APS

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