Regulatory Alerts2023-03-08 | CBE12.9Added · Updated
CBE Regulation Book 12.9 - General Circulars: Digital Payments and Local Transfers
The Central Bank of Egypt mandates that banks execute local transfer requests on the same day to enhance financial inclusion and reduce cash usage, while prohibiting fees on incoming transfers exceeding EGP 2,000. Banks must implement Straight-Through Processing (STP), validate IBANs, disclose all fees transparently, and ensure electronic transfer costs do not exceed branch-based costs. Additionally, POS terminals must be updated to support local currency transactions, with compliance deadlines set for March 1, 2021, and three to six months from the circular's issuance.