Regulatory Alerts2021-07-06
Added · Updated
Circular dated June 23, 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 fees and commissions for specific banking services, including domestic bank transfers, mobile wallet issuance, mobile-to-mobile transfers, mobile-to-bank account transfers, contactless prepaid card issuance, and ATM cash withdrawals, from July 1, 2021, through December 31, 2021. The circular also mandates the waiver of fees for private sector merchants, particularly micro, small, and medium enterprises (MSMEs), activating internet commerce collection services for the first time, and increases the interchange fee for prepaid and debit card cash withdrawals to 4.5 Egyptian pounds while raising the minimum single ATM withdrawal limit to 4,000 Egyptian pounds.