2020-08-06

A circular dated August 6, 2020 regarding allowing banks to own shares in companies providing payment services and payment operators without a maximum limit.

In August 2020, the Central Bank of Egypt allowed banks to own shares in payment services companies and electronic money issuers without any maximum limit. This means that they will be under the control of the financial regulatory authorities (Regulation [3]). This action was previously taken by the Central Bank in July 2004 when it allowed the bank to invest up to 5% of its capital in payment services companies or electronic money issuers, without specifying a minimum limit. In 2014, Egypt's Central Bank issued a new regulation allowing banks to invest in any financial company or institution without any maximum limit, provided that they are under the supervision of the financial regulatory authorities (Regulation [3]).

Egypt

Central Bank of Egypt

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