Gaza forced to use unreliable online payments amid ‘cash famine’
Summary
People in Gaza are facing serious problems using cash because many bank branches and ATMs were destroyed during the war. Many residents cannot open bank accounts or use electronic payments due to damaged ID cards and the damaged banking system. As a result, buying everyday items has become difficult because sellers often refuse old or worn-out banknotes.Key Facts
- The war on Gaza since October 7, 2023, led to severe damage to banking infrastructure and restrictions on cash entering Gaza.
- More than 50 bank branches and many ATMs were destroyed in Gaza.
- Large amounts of cash are trapped inside damaged or destroyed bank vaults.
- Many people lost their original ID cards, making it hard to open new bank accounts or access electronic wallets.
- Merchants often refuse to accept worn-out cash notes, causing payment problems.
- People rely on electronic money transfers, but these can be slow, unreliable, and hard to use for some residents.
- Digital payments have become essential, but not everyone has the technology or accepted ID to use them.
- Even after partial reopening of banks, there is still a shortage of available cash in the economy.
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