Regulatory Alerts2020-03-20
A circular dated March 20, 2020 following the instructions issued regarding precautionary measures to confront the effects of the Corona virus.
The Central Bank of Egypt has issued a circular to banks operating in Egypt regarding measures to be taken in response to the coronavirus outbreak. The measures include encouraging the use of electronic payment methods to facilitate financial transactions and reduce the spread of the virus. The circular includes instructions on mobile payment services, such as modifying account limits and allowing banks to open mobile accounts for existing customers using previously registered data. It also mentions the issuance of prepaid cards to citizens free of charge for a year and the modification of maximum limits for prepaid cards. Additionally, it addresses electronic collection procedures and internet banking services. Finally, it emphasizes the importance of ensuring the efficiency of various electronic channels and raising the level of cybersecurity monitoring.