Algeria
Algeria, located in North Africa, is the largest country in Africa and the 10th largest in the world by land area. With a population of over 44 million people, Algeria is rich in natural resources, particularly oil and natural gas, which play a dominant role in its economy. The country shares borders with Tunisia, Libya, Niger, Mali, Mauritania, Western Sahara, and Morocco, with a coastline along the Mediterranean Sea to the north. Despite its large landmass, Algeria’s population is concentrated mainly in the northern coastal region, where its major cities, including the capital Algiers, are located. Algeria’s economy is heavily dependent on hydrocarbons, with oil and gas accounting for approximately 30% of GDP and around 95% of export revenues. The country is one of the largest oil and natural gas producers in Africa, and its energy sector has attracted significant foreign investment. However, Algeria's reliance on hydrocarbons also makes its economy vulnerable to fluctuations in global oil prices, leading the government to prioritize economic diversification efforts. In recent years, Algeria has faced economic challenges, including a drop in oil prices, high unemployment rates, inflation, and public debt. To address these challenges, the government has focused on economic reforms aimed at diversifying the economy beyond oil and gas, promoting sectors such as manufacturing, agriculture, tourism, and information technology (IT). Despite efforts to modernize its infrastructure and improve the business environment, Algeria’s economy still faces significant structural issues, including a large informal economy, cumbersome bureaucracy, and reliance on public sector employment. The country has made progress in expanding its non-oil industries, with a focus on manufacturing, agriculture, and construction. The government has invested in infrastructure development, including transportation, housing, and renewable energy projects. Algeria is also exploring the potential of its renewable energy resources, particularly solar energy, as part of its efforts to reduce reliance on fossil fuels and address environmental concerns. The financial sector in Algeria is underdeveloped relative to global standards, with a limited number of banks and financial institutions operating in the country. The central bank of Algeria, the Bank of Algeria, is responsible for overseeing the country's monetary policy and banking system. While Algeria has a relatively stable banking system, the sector is still characterized by limited access to financial services, especially in rural areas, and a high degree of state control. Algeria has started to introduce reforms to enhance the financial sector, including promoting digital banking and payment solutions. Mobile payments and digital financial services are gradually gaining traction, and the government is working to improve financial inclusion, particularly for underbanked populations. However, the country’s regulatory framework and financial infrastructure are still evolving, and challenges remain in fostering a more competitive and inclusive financial system.
Top banks
Banque d'Algérie
The central bank of Algeria, responsible for regulating monetary policy and overseeing the banking sector. It plays a central role in Algeria's financial system.
%20%E2%80%93%20.png)
Banque Nationale d'Algérie (BNA)
One of the largest and oldest banks in the country, providing a wide range of banking services, including savings accounts, loans, and investment products.
.png)
Banque de l'Agriculture et du Développement Rural (BADR)
Focuses on providing banking services to the agricultural sector, which plays an important role in Algeria's economy.
.svg)
Caisse Nationale d'Épargne et de Prévoyance (CNEP)
A state-owned bank that primarily offers savings and pension products, with a focus on financial inclusion.
Société Générale Algérie
A subsidiary of the French banking group Société Générale, offering a wide range of banking services, including corporate and investment banking.
.png)
Banque Extérieure d'Algérie (BEA)
A state-owned bank offering services such as international banking, trade finance, and personal banking.
Top payment methods
The payment landscape in Algeria is undergoing gradual change, with a shift toward digital and mobile payments, although cash remains the dominant payment method. The government is actively working to enhance the financial infrastructure, promote digital payment solutions, and increase financial inclusion across the country.
Concluding remarks
Algeria's payment ecosystem is evolving as the government pushes for economic diversification, digital transformation, and improved financial inclusion. While cash remains the dominant payment method, digital payments, including mobile payments and digital wallets, are gradually gaining ground, particularly in urban areas. The government is working to enhance the financial sector by promoting digital banking services and improving financial access for underserved populations. As Algeria continues to diversify its economy and modernize its infrastructure, the financial and payment sectors are expected to undergo further development, offering greater opportunities for digital financial services and improving the overall payment landscape. However, challenges such as limited banking access in rural areas, a large informal economy, and regulatory hurdles remain.
Cash
Cash is the most widely used payment method in Algeria, particularly in rural areas and for small transactions. However, there is a growing trend toward digital payments in urban centers.
Credit and debit cards
Credit and debit cards, including international brands such as Visa and Mastercard, are accepted in many larger establishments, particularly in Algiers and other major cities. However, the use of cards is still limited compared to other payment methods, and cash transactions remain dominant.
Mobile payments
Mobile payment services are becoming increasingly popular in Algeria, particularly through mobile wallets and services such as **BaridiMob**, a service offered by Algeria Post. This service allows users to make payments, transfer money, and top up mobile phone credits. Mobile payments are also being integrated into local banks, but adoption is still in the early stages compared to other regions.
Bank transfers
Bank transfers are commonly used for larger transactions, such as paying utility bills, rent, and business transactions. Algeria's banking system is improving to support efficient domestic and international bank transfers, although the infrastructure remains underdeveloped.
Digital wallets
Digital wallets are gaining traction as part of the digital payment transformation. While still in its nascent stage, digital wallets and mobile money services are playing a key role in increasing access to financial services, especially in remote areas where traditional banking infrastructure is lacking.
Cryptocurrency
Cryptocurrency is not widely used in Algeria, and the country’s government has not yet implemented comprehensive regulations on digital currencies.
About us
Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
We attract website owners and payment professionals on our portal through marketing channels and personal communication. Also we work as affiliates and recommend to the website owners where they can find a PSP who supports their business model and we introduce clients to PSP.
Book a consultation
