Regulatory Alerts2020-03-20
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Circular dated March 20, 2020 regarding precautionary measures to confront the effects of the Corona virus
The Central Bank of Egypt amends mobile payment and prepaid card limits, raises the contactless tap-and-go threshold to 600 EGP, and waives fees for electronic wallets, virtual cards, and contactless prepaid cards for six to twelve months. Banks are authorized to use simplified electronic customer identification for existing and new clients under specific risk-based limits and must waive interchange and withdrawal fees for six months. The directive requires weekly and daily reporting on transaction volumes, new merchant acquisitions, and account openings to the Supervision and Inspection Sector.
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