2024-12-29
Added · Updated
The Central Bank of Egypt increases the maximum daily and monthly transaction limits for financial inclusion accounts. For natural persons and Category B micro-enterprises, the daily limit rises to 90,000 EGP and the monthly limit to 300,000 EGP. For Category A micro-enterprises, the daily limit rises to 120,000 EGP and the monthly limit to 600,000 EGP. Bank-determined maximum account balances remain unchanged, as do limits for prepaid cards and mobile payment services.
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Dear Sir/Madam,
Chairman of the Board of Directors
Cairo, December 29, 2024
Central Bank of Egypt
Greetings,
With reference to the rules governing the classification of financial inclusion products and services issued by the Central Bank of Egypt on July 17, 2019, and their subsequent amendments, the latest of which being the circular dated November 15, 2023, as well as the interpretive memo issued on March 24, 2021, and in the context of monitoring the implementation of the aforementioned regulatory instructions, and in order to facilitate financial transactions and ease the inclusion of targeted categories in the banking system, and after coordination with the Anti-Money Laundering and Combating the Financing of Terrorism unit, it has been decided to increase the maximum daily and monthly limits for dealing in financial inclusion accounts only (total withdrawal and/or outgoing transfer and/or any deduction and/or purchases operations) to become as follows:
For natural persons "individuals":
a- Maximum account balance: Determined by the bank. b- Maximum daily limit: 90,000 EGP (instead of 60,000 EGP). c- Maximum monthly limit: 300,000 EGP (instead of 200,000 EGP).
For micro-enterprises and establishments that have documents, a headquarters, or are verified using any other means (Category A):
a- Maximum account balance: Determined by the bank. b- Maximum daily limit: 120,000 EGP (instead of 80,000 EGP). c- Maximum monthly limit: 600,000 EGP (instead of 400,000 EGP).
For micro-enterprises, self-employed professionals, and artisans who do not have activity documents, a headquarters, or verification possibilities using any other means and are economically active and registered under the name "economic activity" (Category B):
a- Maximum account balance: Determined by the bank. b- Maximum daily limit: 90,000 EGP (instead of 60,000 EGP). c- Maximum monthly limit: 300,000 EGP (instead of 200,000 EGP).
With the maximum daily and monthly limits for dealing with prepaid cards and payment services using mobile phones remaining as stated in the circular dated November 15, 2023. This, while emphasizing the continued validity of the remaining clauses contained in the aforementioned instructions as they are, insofar as no provision has been made regarding them.
Please accept the highest appreciation and respect,
Hassan Abdallah
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Source: Central Bank of Egypt — original document
Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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