Like many African countries, Algeria is striving to improve living standards and modernize its infrastructure. The launch of an instant payment system is part of these efforts for sustainable prosperity and increased financial inclusion.
Algeria is preparing to launch an instant electronic payment system in the coming months, Nabil Dahia, Deputy Director General of the Interbank Pre-Clearing Center (CPI), announced at the International Conference on Digital Payments organized last week by the Algerian Ministry of Finance and the Bank of Algeria, in partnership with the Arab Monetary Fund (AMF).
” The Bank of Algeria is preparing to launch the instant payment system project to achieve strategic objectives related to financial inclusion, improve access to payment services, and reduce the costs and risks associated with transactions,” said Nabil Dahia.
The future system will allow online financial transactions to be carried out instantly, allowing merchants to receive the transaction amount immediately. Currently, funds paid by customers are credited to the merchant’s account after a period of up to 72 hours. This development represents a qualitative leap in the banking services sector, aimed at streamlining payments and facilitating trade.
The initiative is part of the government’s efforts to promote the adoption of electronic payments and mainstream the use of digital banking services. It also aims to accelerate the digitalization of commercial transactions and strengthen financial inclusion by facilitating access to modern payment services for all citizens, including the unbanked.
The results of these efforts are already visible, notably through the latest report from the International Telecommunication Union (ITU) on the level of ICT development. This report, published in June, gives Algeria a score of 80.9 out of 100, a clear improvement compared to the 77.8 points obtained in 2023. This increase reflects the concrete actions taken by the government to modernize its digital infrastructure and improve access to ICT.
The launch of the instant payment system is thus expected to strengthen the country’s competitiveness in the digital economy, facilitate transactions for businesses and individuals, and contribute to reducing the use of cash. At the same time, it could pave the way for other innovations in the banking sector, such as the integration of mobile wallets and the expansion of inclusive financial services, particularly for rural populations.
