The Central Bank of Egypt (CBE) has recently announced an increase in daily and monthly transaction limits on financial inclusion accounts, prepaid cards, and mobile banking by 100%.
According to a circular released on Wednesday, the daily limits for individuals have been raised from EGP 30,000 to EGP 60,000, while the monthly limit has been increased from EGP 100,000 to EGP 200,000, for transactions including withdrawals, transfers, and purchases.
Micro-enterprises licensed by CBE can now enjoy the daily limits on financial inclusion accounts, prepaid cards, and mobile banking transactions raised from EGP 40,000 to EGP 80,000. Additionally, the monthly limits have been raised from EGP 200,000 to EGP 400,000.
Unlicensed micro-enterprises, self-employed workers, and freelancers can now conduct daily transactions up to EGP 60,000, which is an increase from EGP 30,000. The monthly limit has also been raised from EGP 100,000 to EGP 200,000.
This move by CBE is aimed at enhancing financial inclusion in the country by promoting cashless payments and mobile banking, especially for the unbanked population. In line with this effort, Egypt has invested EGP 50 billion in digital transformation projects.
CBE’s financial inclusion strategy, launched in 2022, aims to promote financial inclusion in the country. According to a statement released in October, financial inclusion rates have improved by 147% between 2016 and 2022.
As of now, 42.3 million Egyptians have accounts that enable them to conduct financial transactions, which includes bank accounts, Egypt Post accounts, mobile e-wallets, or prepaid cards. This figure accounts for 64.8% of Egyptians above the age of 16 (65.4 million citizens) as per the CBE.