CBE asserted that these rules are part of its commitment to keeping pace with rapid developments in electronic payments and ensuring the provision of secure and efficient financial services for all beneficiaries in Egypt.
These rules outline the conditions and procedures for licensing payment institutions, whether based inside or outside Egypt, that provide payment services or operate payment for customers within Egypt. The rules cover all activities related to payment services, including:
· Deposits and cash withdrawals from payment accounts
· Execution of payment transactions and money transfers
· Issuance of payment instruments and electronic acceptance channels
· Sending and disbursing remittances in Egyptian pounds
· Services for creating payment orders
· Payment account information services
The rules also define the requirements for prior approval and licensing, including:
· The necessary documentation
· Licensing conditions such as minimum capital requirements
· Regulations for amending licenses
· Required financial guarantees
· Inspection, evaluation, and supervision fees
In this context, the CBE has granted existing payment institutions a transitional period of 12 months from the date these rules are issued. During this period, existing institutions must submit licensing applications to the CBE. Per CBE Board directives, they are permitted to continue operations until a decision on their status is issued.
The rules also include conditions for licensing foreign payment institutions that offer services to customers in Egypt. These institutions must be licensed by the equivalent regulatory authority in their home country, and the rules specify the provisions governing their operations in Egypt.
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