Algeria’s Finance Minister, Laaziz Fayed, has announced the launch of a mobile payment interoperability project called ‘Switch Mobile’. He announced this on Monday, June 3.
This new system enables customers of Algerian banks and Algeria Post to make instant interbank and account-to-account payments using QR codes.
Speaking about the project, the Finance Minister emphasized that the launch marks a key milestone in modernizing payment systems by introducing a switch that connects all banking and Algeria Post applications to mobile platforms for payments and transfers.
This project aligns with the National Electronic Payment Strategy, aimed at boosting financial inclusion and improving e-payment efficiency and security. The government of Algeria plans to further promote mobile payment services nationwide through targeted campaigns.
Regarding the significance of these innovations, Fayed stated that they “are the culmination of a work plan and a meticulous strategy launched by the public authorities as part of the implementation of the provisions of the monetary and banking law in its development aspect.”
Mobile transactions in early 2024 exceeded 13 million, with over 17 million interbank cards in circulation. More than 45.9 million ATM transactions were recorded during the first quarter, totalling 859 billion Algerian dinars.
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