Egypt's central bank decisions to support digital transformation

Egypt's central bank decisions to support digital transformation Fri, Jul. 8, 2022
CAIRO - 8 July 2022: The Central Bank of Egypt (CBE) issued a number of decisions for the period from July 1 to December 31, 2022, to support the digital transformation process.

The bank indicated in a statement, Wednesday, that the decisions included issuing prepaid cards to citizens free of charge, provided that these cards are contactless.

It added that all fees for activating electronic collection services via the Internet "E-COMMERCE" have been canceled for companies that wish to activate this digital financial service for the first time, and individuals have also been exempted from the expenses and commissions of bank transfers that are made in the Egyptian pound through electronic channels only "Internet and mobile" banking and instant payments network applications.

The Central Bank announced the cancellation of all fees and commissions borne by private sector merchants through electronic points of sale on operations that are carried out using contactless payment tools issued by banks operating in Egypt and without entering the password.

With regard to ATM transactions, it explained that cash withdrawal transactions are made free of charge through the machines belonging to the same bank, while a maximum of LE 5 is added to the expenses incurred by the customer for any cash withdrawal process from ATMs affiliated with other banks.

He pointed out that the cash withdrawal limit has been set at LE 4,000 per transaction from ATMs of other banks.

Regarding mobile phone wallets, the CBE pointed out that the electronic wallets will continue to be issued free of charge, and the transfer fees are exempted for the first transaction per month, and it has also set LE 1 as a maximum for the expenses incurred by the customer for any other transfer transaction that takes place between mobile phone wallets of the same service provider.