Regulatory Alerts2022-04-27 | CBE10.7Added · Updated
CBE Regulation Book 10.7 - The Central Bank Of Egypt's Electronic Payment Initiative
The Central Bank of Egypt mandates the deployment of 100,000 new electronic payment terminals (POS and Mini POS) by acquiring banks, with specific geographic distribution targets and a requirement to label devices with "A Gift from the Central Bank of Egypt." The initiative provides publication incentives of 2,000 EGP for Category A governorates and activation incentives of 0.5% of transaction value, while prohibiting the use of closed-loop systems and additional fees for merchants. It also establishes incentives for onboarding new merchants to QR code payment systems and requires issuing banks to implement customer incentive programs to increase the issuance and use of electronic payment instruments.
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