2019-12-05

A circular dated December 5, 2019 regarding exempting beneficiaries of digital payments from commissions

The letter, dated December 5, 2019, is addressed to the Chairman of the Board of Directors of a bank in Cairo, Egypt. It refers to the country's move towards digitizing all types of payments and using national local networks, as well as the establishment of the National Payments Council by presidential decree. The Central Bank of Egypt has recently started sending payments through the EG-ACH automated clearing house, but some banks have been charging beneficiaries higher fees than the EG-ACH fee of two Egyptian pounds. To ensure affordable financial services for citizens, banks are instructed not to deduct any additional commissions from beneficiaries of payments sent by the Central Bank, except for the EG-ACH fee.

Egypt

Central Bank of Egypt

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