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    MoU Between MCIT, Visa Inc.

    Date published: 16 May 2017

    Prime Minister Sherif Ismail has witnessed the ceremony of signing a Memorandum of Understanding (MoU) between the Minister of Communications and Information Technology Yasser ElKady and the President of Visa Inc. Ryan Mclnerney to start implementing a project for developing the technological infrastructure for financial transactions and activating digital economy. 

    Ismail hailed the cooperation between both the Egyptian government and Visa Inc. in the field of technological infrastructure in order to achieve a breakthrough in developing methods of government payments, services and subsidies. The MoU is an opportunity to modernize the countryís infrastructure and build a talent pool of Egyptians in the field of digital payments, given the companyís vast experience, he added.

    According to the MoU, Visa Inc. is to establish and run a local network to manage transactions of the various government payment programs, as well as the subsidy system through a unified card, thereby ensuring transactions data across the country is safe. Moreover, Visa Inc. is to organize training programs on infrastructure. The MoU is in line with the governmentís endeavors to build a suitable technological infrastructure, increase the efficiency of the support programs and government services for citizens, and reduce the administrative cost for these programs while enhance their efficiency, thus contributing to merging informal economy into the formal one.

    For his part, Elkady said that the technological infrastructure for managing government payments and digital services will position Egypt in the list of countries which can export such services and will give the chance for a breakthrough in Egyptís development efforts, where it will use this infrastructure to deliver services and subsidies to citizens to facilitate procedures. The strategic cooperation allows the Egyptian economy to shift towards the digital economy and benefit from potentials of the digital payment industry, he added.

    Moreover, Mclnerney said that Visa Inc. is committed to work with the Egyptian government in order to reach its goals. Providing subsidy services to citizens through a unified card and promoting a digital infrastructure for government payments provide for a great advancement to the Egyptian government, he said. He hailed the Egyptian governmentís persistent efforts to develop financial services and stimulate the economy.

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