BY: Dr. Hana Saada
ALGIERS- The Bank of Algeria has taken a significant step towards enhancing financial inclusion and modernizing payment systems with the establishment of the National Payments Committee (CNP). The CNP, inaugurated on Sunday, is tasked with developing a comprehensive strategy for the advancement of written payment methods, aimed at strengthening banking transactions and fostering financial inclusivity across Algeria.
During the installation ceremony, Governor Salah Eddine Taleb underscored the pivotal role of the CNP in modernizing and activating the financial system to address current challenges and amplify the expansion of financial inclusion in the country.
Established in accordance with Monetary and Banking Law No. 23-09 enacted on June 21, 2023, the CNP embodies a firm commitment to implementing mechanisms and tools that facilitate change through consultations and organizational structures, ensuring precise and efficient implementation.
One of the primary objectives of the national strategy for the development of written payment methods, as emphasized by Governor Taleb, is to cater to user expectations by proliferating electronic payment tools tailored to various daily activities across all economic sectors, while ensuring diversity to accommodate user preferences.
This objective underscores the necessity for market offerings to meet several fundamental criteria, including speed, security, accessibility to a broader population, and transparency, according to Taleb.
Furthermore, Taleb highlighted two major challenges facing the CNP: firstly, the imperative to reduce the reliance on cash in financial transactions and substitute it with modern payment methods; and secondly, to build and consolidate user trust.
Taleb reiterated that the CNP serves as an ideal platform for consultation and dialogue among all stakeholders. He expressed confidence that the committee will play a crucial role in the socio-economic development of the country, paving the way for a more inclusive, modern, and prosperous financial future.
The establishment of the CNP signals a concerted effort by the Bank of Algeria to bolster financial infrastructure, promote digitalization, and propel Algeria towards a cashless economy. With the CNP at the forefront, Algeria aims to enhance accessibility to financial services, streamline transactions, and foster economic growth and stability.
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