Faced with the growing challenges of modernising infrastructure and improving living standards, Algeria is preparing to take a major new step. Like many African countries, it is accelerating its transition to sustainable prosperity by launching an instant payment system. This bold initiative marks a significant step forward in financial inclusion and the digitalisation of the economy.
According to Nabil Dahia, Deputy Director General of the Centre de Pré-Compensation Interbancaire (CPI), Algeria will be introducing an instant electronic payment system in the coming months. The announcement, made at the International Conference on Digital Payments organised by the Ministry of Finance and the Bank of Algeria in partnership with the Arab Monetary Fund (AMF), underlines the country’s ambitions.
‘The Bank of Algeria is preparing for the launch of the instant payment system in order to achieve strategic objectives linked to financial inclusion, improve access to payment services and reduce the costs and risks associated with transactions,’ said Nabil Dahia.
This new system will enable merchants to receive payments for online transactions instantly, reducing the current delay of up to 72 hours. This is a real qualitative leap forward in the Algerian banking sector, aimed at making payments more fluid and simplifying commercial exchanges.
As well as strengthening the banking services infrastructure, this initiative is part of the government’s efforts to promote the widespread adoption of electronic payments. It aims to accelerate the digital transformation of commercial transactions and improve access to financial services for all, including unbanked citizens.
The results have not been long in coming. The latest report by the International Telecommunication Union (ITU), published in June 2024, gives Algeria a score of 80.9 out of 100 in terms of ICT development, a clear improvement on 2023. This progress reflects the concrete steps taken to modernise the country’s digital infrastructure.
The launch of instant payment should not only improve Algeria’s digital competitiveness, but also encourage a transition towards a society less dependent on cash. This innovation could also pave the way for more inclusive financial services, such as mobile wallets, particularly for rural and unbanked populations.
With this new digital era, Algeria is positioning itself as a key player in the digital economy in North Africa, while opening up new prospects for its businesses and citizens.
The Editor
