Regulatory Alerts2021-12-29
Added · Updated
Circular dated December 29, 2021 regarding extending the exemption of some banking services from commissions in light of the precautionary measures to confront the Corona virus
The Central Bank of Egypt extends the exemption of certain banking service fees and commissions for customers until June 30, 2022. This extension covers Egyptian Pound bank transfers, mobile wallet issuance and inter-account transfers, free contactless prepaid cards for citizens, free ATM cash withdrawals (excluding credit cards), and waived interchange fees for contactless payments without PINs. Additionally, banks licensed for electronic commerce must waive all activation, monthly, and additional service fees for micro, small, and medium enterprises (MSMEs) activating internet collection services for the first time during this period.