2024-10-10 07:00:00
ALGIERS – The Bank of Algeria (BA) is preparing to launch an instant electronic payment project as part of the measures taken to achieve the objectives of financial inclusion and improve access to banking services, said the vice -general director of the Interbank Pre-Clearance Center (CPI), Nabil Dahia.
Speaking on the 2nd day of the High-Level International Conference on Digital Payments in Algeria, Mr. Dahia affirmed that “the BA is preparing for the launch of the instant payment system project in Algeria with a view to achieving the strategic objectives linked to financial inclusion, improve access to payment services and reduce transaction costs and risks.
Instant payment is a system for carrying out financial transactions electronically, with the value of the transaction transferred to the merchant’s account in real time, instead of waiting 72 hours as is the case for current transactions .
The representative of the CPI, which brings together the various banks active in the landscape, including the BA, underlined that as part of the first phase of the instant payment project, i.e. the design phase, “the technological advances in instant payment systems (IPS) and the trends that will shape its future have been taken into account, while defining the objectives, basic techniques and design of an architecture that is scalable and compatible with current systems.
And added “an inclusive and fair instant payment system requires a solid digital infrastructure that guarantees continuity and speed of service, while ensuring the highest levels of security and trust to protect transactions and simplify use” .
The opportunities offered by innovation and financial technologies under the magnifying glass of experts
Furthermore, experts and managers in the field of finance and banking insisted during this meeting on the importance of innovation and technologies, particularly in the field of banking services, as well as the opportunities and advantages that they offer economically and socially.
They also highlighted the importance of adopting new financial services, particularly those carried out via Smartphones, while focusing on the development of innovative payment systems, such as instant payment and Open Banking, effect of improving indicators of financial inclusion and competitiveness.
In this regard, the professor of economics, Nazim Sini, affirmed that the mobile telephone had now become, in developing countries, “a window towards the achievement of financial inclusion in favor of different categories, particularly the most vulnerable, especially since m-payment is able to contribute to the elimination of social disparities.”
Referring to key indicators of financial inclusion across the world, Mr. Sini affirmed that 25% of the world’s population is unbanked, compared to 51% in 2014, which reflects “a great improvement in global financial coverage, However, the situation is different in Africa, where only 55% of the population is banked.
“These figures refer to the role of socio-cultural specificities in banking coverage across the world,” he explained, noting that “the MENA region has the lowest rate of banking coverage.”
“For Algeria, we must encourage the adoption of financial technologies and the fight against all forms of bureaucracy and improve the infrastructure of telecommunications networks with a view to achieving financial inclusion,” he insisted.
A large part of the sessions of this Conference was devoted to innovative banking services, particularly Open Banking and instant payment.
Open Banking is a framework that allows banks to share customer data with a third party, allowing them to benefit from a range of services through applications.
In this sense, Tarik Benbahmed from the Ministry of the Knowledge Economy, Startups and Microenterprises called for evaluating the choices and everything that is appropriate for the Algerian market in terms of Open Banking, particularly in terms of legislative and regulatory aspects. .
Algeria, which is experiencing a digital transformation in different economic fields, is called upon to promote innovation through startups and financial technologies and the adoption of modern business models by companies operating in the field of finance, a- he added.
The official stressed the need “to strengthen access to financial services, to design innovative commercial business models for Algerian companies in order to adapt to the market, provide targeted services and manage market fluctuations.”
It should be recalled that the work of the conference organized for two days by the Ministry of Finance and the Bank of Algeria in collaboration with the FMA, focused on several themes, including financial innovation, financial services, Open Banking and payment service providers and instant payment systems.
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