Electronic transfers

CBE supports digital transformation with 10 decisions

The Central Bank of Egypt (CBE) has issued several decisions in support of digital transformation to provide more support and facilitation to citizens amid growing customer demand to use payment methods and channels electronics, in addition to moving towards digital transformation towards a cashless economy. society.

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

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

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

Exempt individuals from fees and commissions for bank transfers made in Egyptian pounds electronically only (internet banking, mobile banking and instant payments network apps).

The cancellation of all fees and commissions borne by the private sector merchant via electronic points of sale on transactions carried out using contactless payment tools issued by banks operating in Egypt and without entering the password pass.

free issuance of e-wallets

Waiver of transfer fees for the first monthly transaction

Set EGP 1 as a cap on customer spending for any other transactions that take place between mobile wallets of the same service provider

The central bank has issued regulatory rules for ATMs that support digital transformation

Cash withdrawal operations are free through ATMs of the same bank.

The maximum expenditure incurred by the customer for any cash withdrawal process at ATMs of other banks has been set at 5 EGP.

The maximum cash withdrawal amount has been set at EGP 4,000 per transaction at ATMs of other banks.