Regulatory Alerts2023-11-16 | CBE12.2Added · Updated
CBE Regulation Book 12.2 - The Rules Regulating The Provision Of Payment Services Using A Mobile Phone
The Central Bank of Egypt updates the regulatory framework for mobile payment services, replacing the November 2016 rules and applying to all banks registered with the CBE, including foreign branches. The regulation mandates strict risk management, requiring boards to oversee strategic decisions, maintain security infrastructure, and conduct due diligence on third-party service providers. It establishes specific operational rules for electronic money issuance, limiting issuance to licensed banks holding equivalent Egyptian Pound deposits, and defines permissible activities for service providers, such as cash collection and customer identification. Furthermore, it sets account management constraints, including a limit of three mobile accounts per user across all banks, Egyptian nationality requirements for natural persons, and enhanced anti-money laundering and cybersecurity protocols.