CBE Supports Digital Transformation with 10 Decisions

The Central Bank of Egypt (CBE) issued several decisions in support of digital transformation to provide more support and facilitation to citizens amid increasing demand of customers to use electronic payment methods and channels, in addition to achieving orientation towards digital transformation to a cash-less society.

The Central Bank issued 10 decisions to support digital transformation to be applied from July 1 to December 31, 2022:

It allowed the issuance of prepaid cards for free, provided that the cards were contactless

The cancellation of all fees for online electronic collection services for companies wishing to activate this digital financial service for the first time.

Exempting individuals from fees and commissions for bank transfers made in Egyptian pounds through electronic channels only (internet banking, mobile banking, and instant payments network applications).

The cancellation of all fees and commissions borne by the private sector merchant 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.

issuing e-wallets for free

Exemption from transfer fees for the first monthly transaction

Determining EGP 1 as a ceiling for the expenses incurred by the customer for any other transaction that takes place between the mobile phone wallets of the same service provider

The central bank issued regulating rules for automated teller machines that support digital transformation

Cash withdrawal transactions are free of charge through the machines of the same bank.

The maximum expenses incurred by the customer for any cash withdrawal process from ATMs of other banks was set at EGP 5.

The maximum amount of cash withdrawal was set at EGP 4000 per transaction from ATMs of other banks.

Previous Non-Banking Trade Finance Market 2028 Growth Analysis Industry Dynamics by Key Players Euler Hermes, Falcon, UKEF, Mitsubishi, Alipay, LendingClub, Coface
Next The Mexican president and his American counterpart will discuss irregular migration next week