Circular dated June 7, 2017 regarding the establishment of the National Payments Council and its results regarding reducing expenses for mobile payment services

Cairo on: June 7, 2017

Dear Sir,

Chairman of the Board of Directors of the Bank

Greetings,

With reference to Presidential Decree No. 89 of 2017 establishing the "National Payments Council," which aims to reduce the use of cash outside the banking sector and support and encourage the use of electronic means and channels for payment as an alternative, and to develop national payment systems and their supervisory frameworks to limit associated risks in order to create safe, efficient, and effective systems. It also aims to achieve financial inclusion by integrating the largest number of citizens into the banking system, bringing the informal sector into the formal sector, reducing the cost of money transfers, and increasing tax revenues, while protecting the rights of users of payment systems and services, and achieving competitiveness in the payment services market and regulating and supervising existing entities.

In light of the first meeting of the National Payments Council, chaired by the President of the Republic on June 3, 2017, the decisions issued by the Council included a decision exempting citizens from fees for opening accounts for mobile payment services for a period of one year from its date, and reducing fees for mobile payment services by 50% for a period of six months from its date.

Please be informed and alerted to take the necessary measures to implement the aforementioned decision.

Accept my highest regards,

Tarek Amer