RegAlert2021-04-21
Added · Updated
Rules Regulating the Provision of Payment Services Using Mobile Phones, Third Edition, April 2021
The Central Bank of Egypt establishes the regulatory framework for the provision of mobile payment services, defining the roles and responsibilities of service providers and senior management. The rules mandate specific supervisory controls, including the issuance of electronic money, the management of third-party service providers, identity verification procedures, and password administration. Additional requirements cover money transfer operations, inter-operability, data confidentiality, application security, and IT infrastructure. The document also outlines operational rules for service contracts, incident reporting, and the procedures for obtaining licenses to provide these services.
CBE published 2 documents in the last 30 days — get each new one by email the day it lands.
Rules Regulating the Provision of Payment Services Using Mobile Phones
Third Edition - April 2021
CENTRAL BANK OF EGYPT
Contents
| Page | |
|---|---|
| 1. Introduction | 4 |
| 2. Management of Payment Services Using Mobile Phones | 5 |
| 2-1. Related Parties | 5 |
| 2-2. Responsibilities and Obligations of Senior Management | 6 |
| 2-3. Insurance Policy for Information | 9 |
| 2-4. Production of Payment Services Using Mobile Phones | 9 |
| 2-5. Powers of Compensation | 10 |
| 3. Supervisory Rules for Payment Services Using Mobile Phones | 11 |
| 3-1. Issuance of Electronic Money and System Management | 14 |
| 3-2. Outsourcing of Service Providers | 16 |
| 3-3. Management of Payment Service Providers | 17 |
| 3-4. Identity Verification Means (Verification) | 19 |
| 3-5. Password Management | 21 |
| 3-6. Special Rules for Money Transfer Operations | 22 |
| 3-7. Special Rules for Inter-operability | 24 |
| 3-8. Confidentiality and Data Protection | 25 |
| 3-9. Application Security | 26 |
| 3-10. IT Infrastructure and Security Monitoring for Payment Services Using Mobile Phones | 27 |
| 3-11. Security System Assessment for Payment Services Using Mobile Phones | 29 |
| 3-12. Incident Response and Management | 29 |
| 3-13. Business Continuity Planning | 30 |
| 4. Operational Rules for Other Service Providers | 31 |
| 4-1. Service Provision Contract / Service Request Form | 33 |
| 4-2. Reporting of Unusual Transactions | 34 |
| 4-3. Suspension of System Services | 35 |
| 5. Procedures for Obtaining a License to Provide the Service | 41 |
| Appendix (A): Rules and Powers Related to Outsourcing of Service Providers for Identity Verification | |
| Appendix (B): Rules Organizing the Provision of Electronic Money and the Exclusion of Numbers |
Read the rest free, and get an email when CBE publishes again
Lineage: In force
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