Regulatory Alerts2017-06-13
A circular dated June 7, 2017 regarding the establishment of the National Payments Council and its results regarding reducing expenses for mobile payment services.
In Cairo, June 2017: The Governor of the Central Bank and Chairman of the Board of Directors welcomed everyone. He mentioned the establishment of "the National Payment Council" by Presidential Decree No. 89 for 2017 with the aim to reduce cash transactions outside the banking sector, promote electronic payment methods, develop national payment systems, and establish proper oversight mechanisms to minimize related risks and create a safe, efficient, and reliable system. He also highlighted reducing personal financial costs for mobile payment services for one year from their launch date, decreasing the fees for mobile payments by 50% over a six-month period starting from their launch date, and urged everyone to adhere to these measures accordingly.