The crucial role of the digital payment for the economic development of the Mediterranean 2
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Juli Choquet
Thursday 23 November 2017 Last update on Thursday, November 23, 2017 At 12:03 PM

The World Bank released a report in which the digital payment is exposed as a MENA (Middle East and North Africa) solution for the economic growth.

An effective solution for the banking system

In the MENA region, most of the inhabitant does not have a bank account. The fast-growing market of mobile phones allows now every citizen to secure transactions by a simple application. An online bank account is now sufficient to pay a shop or a service. On the other side, Entrepreneurs could rely on a financial system easier for their accountancy. The stock management from a small chop or a big factory is also getting better controlled.

A promotion of women entrepreneurship

In the Mediterranean countries, women are too often distant from the economic life. The digital payment allows them to create a bank account with more open rules than in the traditional banking system. Their revenues are great niches to the economic growth that are after the world bank still largely unexploited. Moreover, a lot of reports shows that when women to get access to a revenue this one is more likely to be spent for the sake of the children and the family.

 What consequences for the Mediterranean?

Digital payment also encourages the public to declare their source of revenue. This is a great perspective to fight against informal payments and corrupted systems.

Tunisian government pushed a lot for the payment digitalisation even though some aspect of a bad internet connection in the remote areas could restrain the system development. Egypt is the leader of the bitcoin currency linked to the digital payment. Lebanon with the help of international institutions is relying a lot on the system to fight against corruption. Certain specialists think that the digital payment could even save the banking system of the country and create a real place of economic enrichment to the citizen.

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