Business owners, general managers, CFOs, and HR directors of enterprises in Egypt are facing a major and non-negotiable change to the way they need to pay their people.
The bottom line is that any business falling within the remit of Non-Cash Payment Law No. 18 of 2019 can no longer, legally, pay their employees in cash.
The new law has been effective since September 8, 2021.
If your business employs more than 25 people or has a monthly payroll of more than EGP 100 thousand, you can no longer pay cash wages.
For many businesses, this will be a major transition. But it doesn’t have to be a big headache. Our virtual banking platform – dopay for business – is a robust and convenient route to cashless payroll.
If you are responsible for making the transition to cashless payroll, you will likely have a number of questions.
With dopay for business we offer a fast, flexible, and frictionless route to cashless payroll that can have your business paying all your employees electronically and instantly.
The process is seamless. The time to fully functionality is short. And you won’t have to open a new bank account.
How does Cashless Payroll looks like with dopay
You transfer the value of each payroll from an existing bank account to your dopay for business platform. You can onboard employees quickly and easily. And you can pay each one of their wages electronically, via a prepaid dopay debit card that you issue to them (we take care of the whole process).
They can then access their wages via any ATM or make purchases electronically in any shop accepting Mastercard.
It really is that simple. You have a clear, accurate and easily accessible set of records of electronic payments made to every employee on the platform.
It’s a highly practical response to the changes in legislation.
And the benefits go beyond any immediate legal need to move from cash payroll. As an employer, cashless payment helps build your brand and your bond with employees.
How? With dopay for business as your choice of cashless payroll solution, you add extra value to every wage paid.
Electronic payment means no more queuing up on your premises to get paid and no more having to deposit or take out physical cash from a bank.
Wages can be accessed any time via any ATM.
Missing bank opening hours can mean a weekend or a whole holiday without enough, or any, cash. Being a dopay prepaid card user means banking hours limitations no longer apply, with freedom from the stress of getting to the bank on time or having physical cash at home.
All dopay card users can make electronic purchases that open up new choices as consumers and help to fulfil aspirations. In an increasingly cashless society, they are able to function more fully financially.
In this wider context, the move to cashless payroll becomes even more than a response to legal requirements. It’s an important way of future-proofing a business as an attractive employer with a high and positive profile among potential employees.
At dopay, we’re working hard to communicate the wider benefits of cashless payroll as part of our wider commitment to financial solutions innovation.
We’re building a community of expertise around the key issues – and opportunities – that business owners and managers, HR and finance professionals are facing in what the Egypt government describes as the ‘inevitable transition to the digital economy’.
Stay tuned to keep up to date with the conversation.