 Welcome to the Fiji Symposium 2019 in Cairo, Egypt, where I'm very pleased to be joining the studio today, Mr. Ehab Nasser, who is head of the payment systems for the Central Bank of Egypt. Mr. Nasser, welcome to the studio. Thank you. I'd like to start off by asking you a little bit about digital financial services and what role has the Central Bank of Egypt got in promoting those and making those accessible here in Egypt? Digital financial services is one of the priorities that the Central Bank of Egypt is working on in the last three years and in the upcoming three years. And we have identified that it is not like a single player that can lead the work on the digital financial services. It is like a team that should play together in order to achieve this target of the country. That's why the country has established the National Payment Council, which is headed by His Excellency, who is the president of Egypt, Mr. Aafat Tahit S.C.C., and the Central Bank of Egypt is a member in this council. The council is responsible for the digital financial services boost for the economy as well. The country as well has decided to establish the Supreme Council of Digital Financial Services, which is headed by His Excellency, the prime minister, which proves that the country believes in the digital transformation. Together, the Central Bank with all the related stakeholders in both councils is working together to make a real framework or a real vision for how to transform Egypt into a less cash society. This is a very big framework, which is considered our Bible for the next three years for this transformation into less cash society. I wanted to ask you, from your perspective, what do you think it will take for the world's poorest people to prefer digital financial services over cash? And do you think that digital financial services will be enough for this to happen? Look, in Egypt, let's face the truth. In Egypt is a cash-based society, so we have many challenges and opportunities in this society to change it into a digital, less cash society. So let's say that the first challenge from our studies is the trust. How can you gain the trust of the consumer in such digital financial tools? So we are focusing currently on the awareness. We have to increase the awareness. We have to make sure that the consumer understands these tools and make sure that the trust is gained by using these tools so that our studies shows that if any untapped segment use one of these digital financial services and he gains the trust in this digital financial service, he will use it again. So first word is trust and awareness at the consumer level. Not only at the consumer level, but only at the merchant level, because we have to convince this type of people to use such digital financial services in accepting payments, which is a big challenge, because it's not about that you are giving him a point of sale or a point of acceptance that he can accept transactions on it only. You have to tackle issues like fees, because merchants does not like to pay a lot of fees from their revenues for accepting payments. You have to make like a 360 degree around this merchant to make sure that he is benefiting from this digital financial transformation. For example, giving incentives to merchant to use this digital financial service in accepting payments, giving him loans so that he can increase the revenues of his industry. Let's also talk about the government. What role can governments play to enhance the usage of digital financial services at the national level? At the national level, as I have told you, we have like a vision, a less cash transformation framework which consists of many pillars that we are working on. One pillar is the financial market infrastructure where we are building a lot of financial infrastructure because we are convinced that this will be the railway that will be used to go to this target which is the less cash society. One other pillar is the legal and regulatory framework where we have approved by the National Payment Council last October the less cash transformation law which is a law that is going to incentivize the consumers and the citizens to base their governmental pain in an electronic way and will give incentives and motivate people to pay in less cash. On another side, the Central Bank of Egypt is working as well on inserting a new payment chapter in the central bank law. This payment chapter will give a boost to the digital financial service. So we are playing many roles, working on many dimensions on the legal and regulatory framework from the financial market infrastructure. We are building infrastructure to make sure that this will be the railway that will be used to achieve our target. And as the same way, on the other side we are building many products. We have launched MISA which is a local payment national card scheme for Egypt which will be in the pilot phase from December 2018 and will be officially launched in Feb. We are considering this as a very strong tool that will enhance the financial inclusion in Egypt and we have plans to include like 20 million new fresh consumers in the financial sector using this tool. Thank you very much for joining us in the studio and we wish you the very best for the future. Thank you very much. Thank you. Appreciate it.