Algerian Finance Minister urges banks to develop payment systems

Jun 16, 2011

Algerian Finance Minister Karim Djoudi has urged banks to lead a campaign to boost the deployment of Electronic Payment Terminals (EPT) in public places.

He made this plea on June 12th, during a seminar on modern payment systems, attended by the public bank's Chief Executive Officer, La Tribune newspaper reports.

Mr Djoudi discussed several benefits of the recent banking reform, including delays on dealing with payment transactions between banks dropping to five days instead of 38, Le Quotidien d'Oran reports.

However, he believes further effort must be made in the deployment of EPT.

According to Mr Djoudi, the performance of banks will now be assessed through the use of scriptural payments.

"A big effort has to be made to deploy electronic banking, with more cards issued and a more compact network of EPT, in order to facilitate payments by citizens," he said.

The director of mass payments at the National Bank of Algeria Hanna Si Said added that financial institutions must modernise their information systems because they are now positioned in a market dominated by new IT.