Algeria's government sets up new independent body to develop electronic banking

Nov 06, 2012

The Algerian financial sector will soon be equipped with an independent regulatory body in charge of overseeing electronic banking, which will replace the Interbank transactions and electronic banking Society (Satim).

The Algerian financial sector will soon be equipped with an independent regulatory body in charge of overseeing electronic banking, which will replace the Interbank transactions and electronic banking Society (Satim).

This project was approved by the Ministry of Finance, said the president of the Association of Banks and Financial Institutions (Abef), Djamel Bessaâ, quoted by APS news agency.


He believes that the increasing number of stakeholders in the financial and commercial market requires a separation between the purely commercial mission of electronic banking and the supervision.

"The roadmap developed by experts with foreign assistance in order to implement the supervisory body has been validated as a first step by the Abef that submitted it thereafter to the monetary authorities and to the Ministry of Finance, which approved it", he said.

This new body will promote the establishment of incentives to accelerate the development of electronic payment systems in Algeria, including the use of electronic payment terminals (TPE). It will also define the security rules and the operating mode of electronic payments.ADNFCR-2976-ID-801482800-ADNFCR