Regulatory Alerts2020-09-15
Added · Updated
Circular dated September 15, 2020 regarding commissions and fees on banking services
The Central Bank of Egypt mandates the suspension of all commissions and fees for Egyptian Pound bank transfers, mobile wallet issuance and transfers, contactless card issuance for citizens, and ATM cash withdrawals until December 31, 2020. Banks are required to waive interchange fees charged to private sector merchants for contactless payment transactions and reimburse acquiring banks for these fees. Existing exceptions for internet banking services remain in effect, requiring customers to complete bank-specific risk assessment procedures for subscription.