Gaza’s shattered economy turns to digital apps for survival amid cash shortage

Israel's war on Gaza has not only devastated cities but also crippled its financial system. The World Bank estimates that 93 percent of bank branches in Gaza have been destroyed or rendered non-functional, leaving residents with dwindling access to cash. Most ATMs are out of service, and damaged banknotes are being rejected by traders. Desperation has given rise to an informal economy of cash brokers, who charge exorbitant commissions, sometimes taking more than half of people’s wages. In this crisis, digital banking applications have become a lifeline. Once scarcely used, these apps now allow Palestinians to purchase essentials like food, medicine, and pay rent. Economists warn, however, that this shift towards a cashless society is fraught with risks, including the lack of financial infrastructure and frequent internet disruptions. While residents hope for improved financial conditions during the ceasefire, for many, survival is now tied to an uncertain digital future. Al Jazeera’s Tareq Abu Azzoum reports from Deir el-Balah, Palestine. Subscribe to our channel: bit.ly
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