Circular dated December 5, 2019 regarding exempting beneficiaries of digital payments from commissions

Cairo, December 5, 2019

Dear Chairman of the Board,

Greetings,

In the context of the state's direction towards computerizing all types of payments and relying on national local networks, and referring to the decision of the President of the Republic No. 89 of 2017 establishing the National Payments Council, which aims to support and encourage the use of electronic means and channels, develop national payment systems, and supervise them.

In order to create efficient and effective systems in addition to protecting the rights of users of payment systems and services, the Central Bank of Egypt has recently begun sending payments through the Automated Clearing House (EG-ACH).

In this context, it has been observed that some banks are charging beneficiaries fees exceeding the two Egyptian pounds charged by the Automated Clearing House "Bank Misr Company" as an application commission for incoming transfers.

In light of the above, and in order to make financial services available to citizens at reasonable and appropriate prices, banks are required not to deduct any commissions from beneficiaries of payments sent from the Central Bank, except for the aforementioned Bank Misr Company fee.

Please be so kind as to alert regarding the adoption of the necessary measures to implement the aforementioned decision from its date.

Accept our highest respect,

Gamal Naguib