In Africa, financial inclusion has become a critical issue for many governments and financial regulators. Initiatives are being implemented to enhance access to financial services and make them available to a larger segment of the population.

Algeria's mobile payment interoperability project is now operational, the government announced on Monday, June 3. The initiative, facilitated by a new switch called "Switch mobile," allows customers of Algerian banks and Algeria Post to make instant interbank transfers and account-to-account payments using QR codes.

Speaking on the significance of these innovations, Finance Minister Laaziz Fayed stated that they "are the culmination of a work plan and a meticulous strategy launched by the public authorities as part of the implementation of the provisions of the monetary and banking law in its development aspect."

According to Laaziz Fayed, the launch of this service marks the second step in the process of modernizing and developing payment methods by providing a switch for payments and transfers that connects all bank applications and those of Algeria Post to mobile. It aligns with the National Electronic Payment Strategy, which aims to enhance financial inclusion in Algeria.

The government plans to further promote mobile payment services across the country through targeted campaigns. The launch is expected to significantly improve e-payment efficiency and security in Algeria.

According to official figures, the number of mobile transactions between January and March this year reached more than 13 million, with a value exceeding 9 billion Algerian dinars (66.9 million USD). The number of interbank cards and Algeria Post cards was estimated at over 17 million as of March 31, while the number of ATMs reached over 3,868, recording more than 45.9 million transactions for a total amount exceeding 859 billion Algerian dinars during the first quarter.

Samira Njoya