The desire to enhance digital services and Fintech is well understood by the Bank of Algeria.
Pressures from the Covid-19 crisis and changes in global demand have accelerated consumer demand and the bank’s interest in digitization.
Many people in Algeria have mobile devices and Internet access which is a good starting place.
In “Role of Digital Transformation in Increasing Financial Inclusion” – a day for this focus – enabled the Council of Arab Central Banks and Monetary Authorities’ Governors to promote financial inclusion via digitial services.
One interesting development is the promotion of e-KYC which is important in spreading digital services by performing KYC on consumers.
Cryptocurrencies were made illegal in Algeria.
” There is no doubt that the current developments and the repercussions of the spread of the “Corona emerging” virus, clearly highlighted the great importance of financial inclusion and the need to promote applications of digital financial services, and to educate and educate users of these services.” Bank of Algeria