Algeria: “Banks Take Urgent Steps To Recover Black Market Money”

The Ministry of Finance and the banks have taken urgent steps to digitize the various financial transactions and provide online payment for all services, in implementation of the instructions of the President of the Republic, Abdelmadjid Tebboune, and to pursue the policy of financial inclusion, i.e. to recover all funds on the black market.
In addition, as part of the plan to digitize means of payment and improve services to citizens, the Federation of Banks and Financial Institutions and the Algerian Water Company announced the signing of a partnership agreement that will allow citizens who have a bank card and a gold card from the Algerian Post Office to pay their water bill via the Internet without having to go to the agency.
The Minister of Finance, Aziz Fayed, confirmed that the new agreement aims to facilitate the payment process in a way that serves citizens and institutions alike, to document financial transactions in Algeria in accordance with international standards and to promote electronic commerce.
In terms of numbers, the minister counted the opening of 20 million accounts at the level of banks and the distribution of 14 million cards between banks, and the number of electronic payment operations increased from 65 thousand operations in 2016 to two million operations last year, and the hike in online payments to 9 million operations, and 340 merchants were counted electronic, and e-commerce transactions during the first quarter of the current year amounted to 3.7 million electronic transactions at an amount of 5.7 billion dinars, distributed over several activities in different sectors of activity.
The minister reveals the initiation of the marketing of several banking products and services in coordination with online payment institutions to provide modern services, with a commitment to strengthen the infrastructure for digital services and move towards a more flexible digital society, giving an example of the recent agreement between banks and the water sector, which aims to provide safe and effective service to the Algerian Water Company.
In this context, the Minister of Irrigation Taha Derbal revealed that this agreement aims to facilitate the public water service throughout the country, which is one of the most important sectors that receive great attention because of its relationship with the good conduct of the diaries of citizens, adding: “We chaired a meeting to collect various tires dedicated to the modernisation of the public service”. Water in line with the orders of the President of the Republic and the digitization of services, transactions and administrative procedures, and this agreement comes as a continuation of the government’s action plan.
For his part, the President of the Professional Association of Banks and Financial Institutions, Zaher Latrache, revealed the great efforts made by banks to digitize various transactions in line with recorded technological and scientific developments, while preparing to conclude agreements with a number of sectors to popularize electronic payment and develop online payment services, as well as achieve financial inclusion and overall economic development.
In this regard, according to Latrache, the banks have started operations to provide bank cards and e-banking services without difficulty, offer several banking products that meet the needs of citizens, accompany large, medium and small enterprises and investors in exporting, and dedicate financial culture among customers, in coordination with the Ministries of Education, Higher Education, Vocational Training and Culture, to promote the concept of financial inclusion.