Cairo – Mubasher: Egyptian President Abdel Fattah El Sisi on Thursday has approved the issuance of law No.18/2019 which regulates e-payment services. 

The new law is in line with the country’s strategy to reduce reliance on cash, state-run news agency MENA reported.

Under the law, all government institutions and private companies must use the electronic payment to pay employees, contractors, and service providers.

Entities governed by the law will have six months to comply with the new regulations from the date of their issuance. Violators could pay fines up to EGP 1 million.

Earlier in April, the Egyptian Ministry of Finance (MoF) announced the introduction of e-payment for all government services as of 1 May.