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CBE warns against the misuse of credit, and debit cards

The Central Bank of Egypt (CBE) has asked banks to contact customers, via any means of communication, to warn them against the misuse of credit and debit cards.

The warning targets customers who are not travelling abroad.

According to a statement issued on Thursday by the CBE, some credit and debit cards are being used in transactions outside Egypt even though their owners are still in the country.

CBE added that a decision has been issued on December 1 to ban bank customers from obtaining hard currency to travel overseas if they are not leaving the country.

It stated that banks should review the use of such cards in any transactions conducted outside the country by customers who are not travelling abroad regularly.

CBE asserted that banks, which have noticed a recurrent use of such cards in ways that are contradictory to the nature of the customers’ usage, should report the incidents to the Central Administration to report any credit risks.

If it is proven that the customers did not travel abroad or misuse the cards, the banks will immediately suspend the cards and notify the customers as well as the Egyptian Credit Bureau “I-Score” to take any necessary procedures, according to the statement.


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