Misr Bank President Mohamed al-Itriby said on Monday that local banks are ready to automate the salaries of seven million government employees by July.
He said the salaries and account data of the employees will remain confidential, as no one can see them without their written approval.
“A statement of account will be sent to them every three months,” he said. “They can approve or reject it within 15 days.”
He noted that the automation would reduce demand for cash and consequently the cost of printing banknotes. “It would also activate smart cards,” he said. “And private banks can also participate in this service.”
According to a study by Moody's credit ratings, one out of ten citizens in Egypt has a bank account, with 90 percent of the population preferring not to deal with banks.
Edited translation from Al-Masry Al-Youm