Regulatory Alerts2019-12-05
A circular dated December 5, 2019 regarding exempting beneficiaries of digital payments from commissions
In December 5, 2019, the Governor and Chairman of the Board of Banks of the Republic of Egypt announced that under the government's initiative to promote all types of payment methods and rely on local networks, the Central Bank of Egypt has successfully begun sending payments through the Electronic Payments Network "EG Switch". As a result, some banks have loaded customers' amounts exceeding the limits of the electronic network "Bank of Egypt" by twice the amount, an example of applying conversion fees. Considering that services should reach citizens at reasonable prices, banks must refrain from deducting any additional fees other than those of Bank of Egypt from payments sent by the Central Bank. The Governor and Chairman of Banks of the Republic of Egypt kindly request accepting this directive effective since its date of issuance, as well as your understanding and cooperation. Best regards, Jamal Naguib"