The Deputy Minister in charge of start-ups, Yacine Oualid, announced the upcoming establishment of a legislative framework to launch virtual banks. State of play and outlook of the Algerian banking sector.
It is on the very fashionable application of the social network ClubHouse that the Minister Delegate decided to express, Friday, November 12, the will of the Algerian government to inaugurate the era of 100% digital banks.
Yacine Oualid’s indications suggest that the government is working on a new monetary law aimed at facilitating the entry of new payment service providers (PSPs) into the banking market.
“For the moment it is a project and it is registered in the action plan of the government, there is not yet visibility in relation to its adoption. »Confides the minister to Jeune Afrique.
Improve financial inclusion
According to the minister’s statements, the development of the new regulatory framework aims to increase the attractiveness and efficiency of the Algerian banking sector and improve financial inclusion throughout the territory, in particular through decentralization and the diversification of low-cost services, such as mobile payment.
The appropriation of digital technology by the Algerian population is already strong