Regulatory Alerts2020-12-28
A circular dated December 28, 2020 regarding extending the period of exemption from commissions and fees on banking services
In light of recent developments in Egypt and the Central Bank's policies, banks are now exempt from all fees or charges on electronic banking transactions, including debit and credit card payments. This includes all domestic banking transactions and foreign currency transactions. Additionally, banks must cancel all fees for mobile wallet transfers within Egypt. Furthermore, all debit and credit card issuers have been instructed to cease imposing any additional fees or charges on the use of their cards in the future. This applies across all banks, with no additional fee required by the receiving bank. This move follows the Central Bank's earlier decision to eliminate fees for cash withdrawal transactions during a specified period, which was accepted with high enthusiasm. Finally, regarding contactless payments for debit and credit cards, the bank issuing these cards will cover any associated fees or charges, including those related to electronic payment interchanges. This applies for all banks within Egypt until further notice. The Central Bank appreciates the community's support in this matter.