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Daily News Egypt
6 days ago
- Business
- Daily News Egypt
Cash, technology, and the quest for balance: Why going fully offline is not the answer
In today's fast-paced digital world, electronic payments and digital banking have become an integral part of daily life, offering unmatched speed and convenience while steadily reducing reliance on cash. Yet over-reliance on technology in the financial sector carries its own risks—particularly in times of crisis or natural disaster, when connectivity and banking systems can be disrupted. A recent example emerged in Egypt when a fire broke out at the Ramses Central Exchange, triggering a temporary internet and network outage. Some services are still recovering, including the stock exchange and certain banking operations, with ongoing efforts to restore full functionality. In response, the Central Bank of Egypt (CBE) acted swiftly by extending operating hours at select branches to improve customer access to in-person services. It also temporarily increased daily cash withdrawal limits for individuals and businesses to EGP 500,000, up from EGP 250,000, until the situation stabilises. The incident reignited public debate, with some voices advocating for a full return to cash—or at least a significant retreat from digital reliance—arguing that cash remains the only truly resilient medium under all circumstances. While this view is understandable, it overlooks the significant downsides of an all-cash economy: greater exposure to theft, time-consuming transactions, higher operational costs, and difficulty functioning in an increasingly digitised world. It also runs counter to one of the Central Bank's national strategic goals: reducing cash dependency and promoting financial inclusion. This is why expanding digital banking services and investing in secure technology infrastructure remains the wiser, more sustainable approach—provided it is managed responsibly. What we truly need is a well-defined emergency response plan to strike the right balance between cash and technology, ensuring business continuity without leaning too heavily in either direction. Even countries with more advanced technological ecosystems are not immune to disruption. In 2018, several banks in Finland faced outages that temporarily halted electronic payments, prompting a short-term return to cash. More recently, hurricanes and floods in the US knocked out power grids and disabled digital systems, forcing affected communities to rely on physical cash as a lifeline. These global examples highlight a critical lesson: the importance of maintaining strong, independent backup systems that can be activated in times of crisis. Such systems should be stress-tested regularly, with clear recovery timelines aligned to global standards. In Egypt, all banks already operate under risk management frameworks to address tech-related threats and cybersecurity risks, including protocols for relocating operations to alternate premises if needed. Yet achieving full resilience requires a coordinated, top-tier response from the entire ecosystem—including service providers and telecom operators. This means aligning with international standards, regularly updating systems, educating users on emergency procedures, investing in reliable internet infrastructure, and ensuring backup power sources are in place. Governments, too, have an essential role to play by enacting user protection laws, enforcing stringent security standards, and mandating service continuity. We should not fall once again for the myth that 'cash is king.' A full return to cash is not the solution. Nor is it sensible to abandon the transformative advantages of technology. The smartest path forward lies in balance: investing in resilient infrastructure, strengthening cybersecurity, keeping cash as a strategic backup, and raising public awareness. This way, we can build systems that are resilient, inclusive, and ready for the future. Mohamed Abdel Aal – Banking expert
See - Sada Elbalad
09-07-2025
- Business
- See - Sada Elbalad
Egypt's Railway Ticketing System Restored After Ramses Central Fire Disruption
Taarek Refaat Egyptian National Railways (ENR) has fully restored its electronic train booking system, following a temporary disruption caused by the fire that broke out at the historic Ramses Central Telecommunications Building earlier this week. According to a well-informed source, train reservation services have returned to normal operations, both online and at physical ticketing outlets, after firefighting teams brought the blaze under control. The incident had briefly impacted the digital infrastructure supporting Egypt's national railway booking platform. 'There was a partial outage in the early hours of the fire, but system engineers acted quickly to reroute and stabilize booking operations,' the source said. Minimal Impact on Passengers Despite the disruption, the railway authority emphasized that no train schedules were affected, and passengers who had difficulty booking tickets were assisted through alternative methods. The issue mainly affected online reservations and digital ticketing terminals at select stations. The temporary disruption was due to internet and communications outages linked to the Ramses Central Exchange, which also impacted sectors such as banking, utilities, and stock trading. A Symbolic Infrastructure The Ramses Central building, located in downtown Cairo, is not only a critical telecommunications hub but also a symbol of Egypt's digital backbone, handling a significant volume of fixed-line and internet traffic across Greater Cairo. Civil protection authorities successfully contained the fire without casualties, and restoration efforts began immediately afterward in coordination with multiple government bodies. Railway Operations Uninterrupted Egypt's railway operator confirmed that train services continued uninterrupted, and any technical issues experienced were limited to the reservation system, not the actual transport network. 'Train traffic was never halted. The disruption was isolated to the booking system and has now been resolved,' a spokesperson for the railway authority said. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
