RegAlert2023-03-08
Added · Updated
Circular dated March 8, 2023 regarding the rules regulating card coding services on electronic device applications
The Central Bank of Egypt mandates that all banks and licensed token service providers operating in Egypt adhere to specific rules for tokenization services on electronic device applications, establishing minimum risk management standards and compliance requirements. The regulations define the roles of key entities, including the Unified Issuer TSP Interface managed by Misr Banks Company, and impose obligations on issuer banks, acquirer banks, and card networks regarding security, anti-money laundering, and operational integrity. Banks are required to implement robust cybersecurity measures, conduct regular penetration testing, and maintain strict controls over token provisioning and transaction verification.
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Dear Professor /
Bank Tahya, greetings,
In light of the interest the Central Bank of Egypt attaches to strengthening the banking sector's infrastructure and encouraging the use of new electronic payment instruments for customers to execute various electronic banking transactions, and since card tokenization services on electronic device applications contribute to enabling a large number of citizens to access banking services efficiently and effectively, thereby achieving the independence of national payment systems and keeping pace with the latest technologies used globally in payment systems and services, and thus expanding the umbrella of using payment means and banking channels.
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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