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Sunday, 09 May 2021

Egypt's central bank raises daily withdrawal, transfer limits using mobile phone wallets

The CBE said that the action is in line with the National Payments Council’s strategy that aims to attain digital transformation and financial inclusion

Doaa A.Moneim , Thursday 22 Apr 2021
CBE
File Photo: Central Bank of Egypt building. Al-Ahram
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The Central Bank of Egypt (CBE) has raised the daily withdrawal and transfer limits through mobile phone wallets to EGP 30,000 for companies and facilities, up from EGP 6,000, and increased the daily limit for individuals to EGP 100,000, up from EGP 50,000.

Recently, the CBE released the third edition of the rules that govern mobile phone wallet payment services and approved the measures of providing loan and digital savings services through mobile phone wallets.

The CBE said that the action is in line with the National Payments Council’s, headed by President Abdel-Fattah El-Sisi, strategy that aims to attain digital transformation and financial inclusion.

It also targets increasing the beneficiary base who take advantage from the banking sector’s services.

The CBE also said that the Egyptian Company for Credit Inquiry, iScore, is currently working on implementing regulations that control digital evaluation models in lending through mobile wallets in light of the CBE’s directives.

Annual transactions done through mobile phone wallets grew by 300 percent in 2020, compared to 2019, hitting EGP 100 billion, according to the CBE.

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