Regulatory Alerts2021-08-03
A circular dated July 2021 regarding the rules regulating the interoperability of cash deposit and withdrawal services through service providers
The Central Bank of Egypt has issued new regulations for banks operating as intermediaries to offer direct debit and credit services. These new rules are part of a broader effort by the Egyptian government to encourage digital payments, reduce cash usage, and improve financial inclusion. Under these new guidelines, banks must obtain a specific license from the Central Bank of Egypt (CBE) to offer direct debit or credit services. The bank is required to submit monthly reports on the types and values of operations along with the CBE's request for additional information. Banks must also adhere to the requirements of the Payment Systems Law, which was issued in November 2018. These new regulations require banks to obtain a separate approval from the Central Bank of Egypt before they can make payments using their official website (https://egy.mwg.416777)).