Regulatory Alerts2022-04-27 | CBE12.3Added · Updated
CBE Regulation Book 12.3 - Rules Regulating The Interoperability Of Cash Deposit And Withdrawal Services Through Service Providers
The Central Bank of Egypt mandates that banks establish contractual, supervisory, and technical controls for cash deposit and withdrawal services provided by third-party service providers, including requirements for electronic fund guarantees, daily settlement within two business days, and strict data security standards. The regulation establishes interoperability rules via the National Switch, requiring banks to align their systems within 12 months, while prohibiting service providers from subcontracting without written consent or contracting with more than three issuing banks. It further enforces specific operational limits, transaction verification protocols, and consumer protection measures to mitigate fraud and ensure the integrity of electronic payment instruments.