The Central Bank of Egypt (CBE) introduced on Wednesday new facilities for electronic domestic EGP transfers.
The new facilities include receiving clients’ EGP transfer applications during the banks’ official working hours and rolling them out in two hours, provided that the requested transfer operation is done in the same bank.
Transfers to other banks will be rolled out within three hours, said the CBE.
Transfer applications banks receive after 2 pm will be rolled out within three hours on the next day of submission.
The CBE also extended the current exemption of domestic EGP transfers from commissions and fees until the end of June 2021.
Moreover, the CBE directed banks, as of July 2021, to cancel fees on incoming transfers and decrease fees imposed for using e-payment instruments in transfer operations.
The CBE said the decisions are part of the strategy of the National Payments Council, chaired by President Abdel-Fattah El-Sisi, to support the payment system infrastructure and upgrade payment services.
The actions also came in line with the state’s digital transformation policy and to encourage clients to use e-payment instruments more often, added the CBE.