Regulatory Alerts2023-11-16 | CBE11.3Added · Updated
CBE Regulation Book 11.3 - The Regulations Related To Financial Inclusion
The Central Bank of Egypt establishes simplified due diligence procedures and transaction limits for financial inclusion products targeting low-risk natural persons and micro-enterprises. The regulations define three customer categories with specific daily and monthly transaction caps ranging from 60,000 to 400,000 Egyptian pounds, and authorize banks to use alternative verification methods such as field inquiries and social media. Banks must submit detailed product proposals for approval and provide quarterly reports on the implementation of these simplified measures.