Cashless Economy

The Cashless Payment Law no. 18 of 2019 which was proposed by an alliance of the Egyptian Federation of Industries, the Union of Egyptian Banks and Center for International Private Enterprise as a framework for advancing Egypt’s use of electronic means of payments as reducing its reliance on cash as a way to combat money laundering, tax evasion, and fraud. Thebes Consultancy undertook the initial research and baseline comparative study, as well as the drafting of the proposed law. This was eventually passed by Parliament (promulgated in April 2019) and has become Egypt’s framework for the transformation to a cashless society.