The Banking Executive Magazine - May 2026 Issue

The Cash Economy in the Arab World vantages in cost, speed, and security. Achieving this shift requires a coor- dinated and structured approach. First, financial institutions must de- velop accessible, user-friendly prod- ucts tailored to low-income individuals and small businesses, re- ducing barriers to account ownership and digital engagement. Second, strengthening financial and digital literacy is essential to demonstrate the practical benefits of non-cash transactions, particularly in terms of organization, convenience, and ex- pense management. Third, sustained investment in technological infra- structure and cybersecurity is critical to ensuring data protection and building lasting trust in digital plat- forms. The private sector also has a central role to play. Encouraging electronic salary payments, adopting modern payment solutions across commerce and services, and offering incentives for customers who favor digital chan- nels can collectively accelerate this transition. Each electronic transac- tion contributes incrementally to re- ducing the footprint of the cash economy. Ultimately, limiting the dominance of cash is not an end in itself, but a means to enhance efficiency, im- prove resource allocation, and sup- port the development of a more resilient and sustainable financial system. As digital banking services become more accessible and con- venient than managing physical cash, the transition toward a less cash-dependent economy will occur organically—driven by trust and effi- ciency rather than compulsion. Dr. Mazen Haidar Head of Sales and Retail Products - Credit Libanais SAL Founder of SkillRise Academy the BANKING EXECUTIVE 38 ISSUE 209 MAY 2026