Economic Vision: Electronic Payment

The most important economic event during the past couple of days is the “Forum” of Arab Unions Banks which was hosted in Khartoum; the economic event was allocated to enhance the financial stability and electronic payment.
The history of “Economy” witnessed huge and tremendous changes and development during the last two decades, particularly the history of “Currency” which is facing rapid changes from cash into digital.
The participants in the forum reviewed the impact of electronic payment on Arab world and do bankers overcome the challenges and the difficulties, it’s the modern way to safe cash and save it, traders and businessmen prefer digital currency to cash, in Europe and Asia cashless dealing has dominated most of investment process,
The financial electronic investment volume in the globe has totaled to US$ 58,900 billion, the largest amount is in Europe and Asia, in China only the volume of digital currency is US$ 500 billion. In Arab countries they still rely on “Cash” due to the lack of technology and telecommunication infrastructure, the volume of the electronic investment in Arab World is very limited, US$ 900 million only, this figure reflects the level of Arab banking system. In Sudan nearly 90% of the cash is circulating outside of the banking system, the government has set policies and regulations to make people move from cash to digital, but the financial culture of people may stand in the way, the issue is not only the application of technology, but also the conception and culture.
Everything has advantages and disadvantages, but the positive impact is more developed than cash, it realizes the Sustainable Development (Goals SDGs) which aims at reducing poverty rates and appealed to improving the livelihood of people.
To cover the whole country with comprehensive electronic payment system we need to establish modern banks to link all the financial and non-financial institutions with payment services, to be accessed anywhere by everybody at any time. Also the system should have to create strong relations with the international financial bodies, to enhance the international trade and money transactions services.

Mohamed Abdalla

Economic Vision
Mohamed Abdalla

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Mohamed Abdalla

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