Circular dated November 15, 2023 regarding increasing the maximum limits for transactions on financial inclusion accounts, prepaid cards, and mobile payment services

Cairo, November 15, 2023

To: The Chairman of the Board of Directors of the Bank

Greetings,

With reference to the rules governing the classification of financial inclusion products and services issued by the Central Bank of Egypt on July 17, 2019, and their subsequent amendments, as well as the explanatory memorandum issued on March 24, 2021, and the rules governing payment services using prepaid cards and their subsequent amendments, in addition to the third issuance of the rules governing the provision of payment services using mobile phones issued in April 2021. In the context of monitoring the implementation of the aforementioned regulatory instructions, and in order to facilitate the execution of financial transactions and ease the process for the target categories to be included in the banking system, it has been decided to increase the daily and monthly maximum limits for transactions on financial inclusion accounts, prepaid cards, and mobile payment services (total withdrawal and/or outgoing transfer operations and/or any deduction operations and/or purchases) to become as follows:

1. For natural persons "individuals":
   a- The maximum account balance: Determined by the bank. b- The maximum daily limit: 60,000 EGP (instead of 30,000 EGP). c- The maximum monthly limit: 200,000 EGP (instead of 100,000 EGP).

2. For micro-enterprises and very small enterprises that have documents, a headquarters, or can be verified using any other means (Category A)
   1 According to the definition issued in the third issuance of the rules governing the provision of payment services using mobile phones, Category A of legal persons. :
   a- The maximum account balance: Determined by the bank. b- The maximum daily limit: 80,000 EGP (instead of 40,000 EGP). c- The maximum monthly limit: 400,000 EGP (instead of 200,000 EGP).

3. For micro-enterprises and very small enterprises or self-employed individuals and artisans who do not have documents, a headquarters, or the possibility of verification using any other means and who are economically active
   and are included under the name "economic activity" (Category B) 2 2 According to the definition issued in the third issuance of the rules governing the provision of payment services using mobile phones, Category B of legal persons. :
   a- The maximum account balance: Determined by the bank. b- The maximum daily limit: 60,000 EGP (instead of 30,000 EGP). c- The maximum monthly limit: 200,000 EGP (instead of 100,000 EGP).

With emphasis on the continued validity of the remaining clauses contained in the aforementioned instructions as they are, insofar as no provision has been made regarding them.

Please accept our highest regards,

Hassan Abdallah