Egypt’s Central Banks issues new decisions to back digital transformation

In a statement, the bank said the new decisions will be applicable as of January 1, 2023.

They include exempting bank clients from all fees and commissions related to banking transfer services that are made in the Egyptian pound through electronic channels only “Internet and mobile” banking and instant payments network applications.

The new decisions also include exempting clients of the Instant Payment Network from all expenses and commissions related to instant transfers through electronic payment tools.

More than 8 million transactions worth 45 billion pounds were carried out through the network, that was launched in April, in less than eight months, the statement said.

Also, all fees for activating electronic collection services via the Internet “E-COMMERCE” have been canceled for companies that wish to activate this digital financial service for the first time.

Regarding mobile phone wallets, the CBE pointed out that the electronic wallets will continue to be issued free of charge, and the transfer fees are exempted for the first transaction per month, and it has also set LE 1 as a maximum for the expenses incurred by the customer for any other transfer transaction that takes place between mobile phone wallets of the same service provider.