A bank account is the key to society |
PublicationsMoney creation2006-05-18
The power to create potential, from an Egyptian perspective
by Peter van Rijn, inClusion group
"A reliable and efficient payment system is a prerequisite for realizing sustainable economic growth and social development in emerging countries (James D. Wolfensohn - Previous president of the World Bank). The necessity for a modern financial transaction system in Egypt means that the current cash-based society, which exists in Egypt, will inevitably need to be altered. Seventy percent of the basic money aggregate M1 is currently in cash and only roughly 10% of the country’s population has a bank account (American Chamber of Commerce in Egypt, Business Studies & Analysis Centre, 2005)...."
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